Soaring yields as (unintended) consequences of the extreme Yuan appreciation

Everybody knows China is the biggest relative winner of 2020. Mighty Yuan is putting in a massive candle today accelerating the strengthening of the currency as the dollar continues imploding, but what could a stronger Yuan mean longer term? As we reminded our readers in December: "Weaker Yuan has a deflationary force, makes China more competitive, and vice versa, stronger Yuan should all things equal be an inflationary global force, makes rest of the world is more competitive." The move since M