Global Currency Crisis/War: Yuan Devalues Most In 20 Years, The Turkish Lira Is Taking Another Beating, Ukraine’s Currency Is Tanking, And The Fallout Is Spilling Over Into Russia
February 26th, 2014
Welcome To The Currency Wars, China (Yuan Devalues Most In 20 Years)
The last 7 days have seen the unstoppable ‘sure-thing’ one-way bet of the decade appreciation trend of the Chinese Yuan reverse. In fact, the 0.95% sell-off is the largest since 1994 (bigger than the post-Lehman move) suggesting there is clear evidence that the PBOC is intervening.