cny down = bad

CNY 7: The Gears Behind the Clockface

By |2019-08-05T16:21:39-04:00August 5th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Right on cue, the Chinese have restarted “devaluation.” Because no one ever learns, and because trade wars are a conveniently timed distraction, CNY’s dramatic plunge below 7.00 is being written up as currency manipulation. It is manipulation, just nothing like what’s being described. PBOC Governor Yi Gang is a passenger here, not the man pulling [...]

The PBOC’s Involuntarily Enormous Bet

By |2019-07-19T17:25:27-04:00July 19th, 2019|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Central bankers are not nimble traders. By their very bureaucratic nature, they leave big muddy footprints all over markets. Sometimes that is by design, a show of force to scare some evil speculators into going straight. Other times, it just can’t be helped. The way it works in China, the autocratic structure doesn’t leave much [...]


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