Yuan tanks again

Tuesday 28 June 2016

The daily yuan fix is in and for a currency dedicated to stability the yuan sure is doing a good impersonation of outright devaluation against the USD:

And everyone else:

And against the yuan basket:

This is NOT good for seaborne commodity prices or any other form of ex-China inflation.

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.