China Enters Currency War – Devalues Yuan By Most On Record
by Tyler Durden
ZeroHedge.com
08/10/2015
As we first warned in March, and as became abundantly clear over the weekend when weaker than expected export data as well as the steepest decline in factory gate prices in six years underscored the extent to which the engine of global growth and trade has officially stalled, Beijing has no choice but to join the global currency wars, as the yuan’s dollar peg will ultimately prove to be too painful going forward. And sure enough this evening the PBOC weakens the Yuan fix by the most on record. As the details sink in, the Chinese currency complex is collapsing… 12 month NDFs just hit a new 5 year lows against the USD.
The Rest…HERE
