robert roosa Archives - Alhambra Investments

Real Liquidity Cuts Across Many Boundaries; So Does The Lack of It

Things that happen in one place happen in every place. That’s been the second hardest thing to get people to realize. The first is that central banks are not central. And the reason they aren’t is because of this other factor. It truly is a global system and it’s made that way by its very [...]

Not Even PBOC Supports Yuan’s Reserve Role

By Jeffrey P. Snider|2019-02-19T12:57:00-05:00February 19th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

China’s yuan just isn’t a stable currency. I don’t mean its exchange value, either. CNY floats up and down on the whims of the eurodollar. The PBOC can and does limit the daily trading band, but often at tremendous cost (ticking clock). Therefore, the internal constraint governing this dynamic is a symptom of a world [...]

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