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Look Out Below, China Yuan Devaluation Version
August 12, 2015 6:00am by Barry Ritholtz
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Some how I anticipated this move by looking at charts and listening to the babble.
http://ghickeyblog.blogspot.com/
gh
China went from a “fix is in” currency exchange rate to a market based rate (with a ban on swings bigger than 2% per day). It turns out that all those people who complained that the Yuan had been keep artificially low were wrong. It had been keep artificially high, because when the markets were allowed to determine the rate, the Yuan fell.
How quickly one forgets the power of the miracle BTFD pump on no news. Lookout above?
It’s as I’ve been saying since “markets” became policy instruments: I highly doubt they’ll ever be allowed to fall again. I also continue to believe rates won’t rise. If anything we’re in for more QE. More “temporary, emergency” stimulus in perpetuity.
BTFD?
I agree, the sky is falling. :P