China Devalues Yuan Most In 10 Months As Premier Li Warns Of Brexit “Butterfly Effect” On Financial Markets, Economy…”British butterfly has flapped its wings and the entire global financial system could collapse.”
by Tyler Durden
ZeroHedge.com
Jun 26, 2016
In a somewhat shockingly honest admission of the frgaility of the global financial system, Chinese Premier Li warns that a disillusioned British butterfly has flapped its wings and the entire global financial system could collapse. Responding to the plunge in offshore Yuan since the Brexit vote (down 7 handles to 5-month lows over 6.65), PBOC devalued Yuan fix by 0.9% (6 handles) – the most since the August crash – to Dec 2010 lows. Finally, we note USD liquidity pressures building as EUR-USD basis swaps plunge.
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