Related: (Schiff’s explanation is the best I have heard as to why China is devaluing the yuan and taking on the chin right now: getting ready for the ‘real’ market, when the dollar is no longer king.) ~J
Submitted by Tyler Durden on 08/14/2015 – 21:15
While making its devaluation announcement, Beijing said that it wanted its currency “to reflect fundamentals” and to no longer simply mirror the movement of the dollar. It acknowledged the fact that its peg to the dollar was problematic and that it wanted a better, more natural mechanism. This is the key to understanding the announcement:The Chinese are preparing for a time in which the financial world does not spin in orbit around the dollar. Such a reality must make us think about the future.
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China is continuing to devaluate…
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