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 [...]