In the first two weeks of August 2008 (just a month before Lehman imploded), as tensions built in US financial markets, China weakened the Yuan for 10 straight days. Tonight, China just extended its streak of weakening the Yuan fix to 9 days (for an aggregate 1.4% devaluation, the largest such drop outside of August's devaluation in history). This pushes the Yuan back to June 2011 levels.
Yuan fix at lowest since June 2011...
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as CNYUSD has been in freefall since The IMF...
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Why it "might" matter...
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Now where have we seen that before...
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And finally, this chart raised our eyebrows... as the now 'vicious' Petrodollar circle of death accelerates...
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h/t Jeffrey Snider
Charts: Bloomberg
