Recent Big Moves In CNY (RMB)
Submitted by IWB, on January 6th, 2016
The big green candle in Aug 2015 was supposed to be just a one-shot devaluation. It looks like money is continuing to flee China, for a total of a 5.8% currency move over the past six months. This currency move doesn’t bode well for either the Shanghai exchange, or commodity prices.
Just the past few days we’ve seen a big move lower in CNY (which results in a jump higher for USD/CNY).

Dave
Just the past few days we’ve seen a big move lower in CNY (which results in a jump higher for USD/CNY).

China to extend temporary share-sale ban to calm markets
Financial Times – ?13 hours ago?
China is to extend a ban on stock sales by large shareholders until permanent rules to restrict such sales take effect, as authorities seek to calm market fears over the lock-up that was due to expire on Friday. China’s blue-chip stock index, the CSI …
China stocks bounce on hopes for extended ban on big share sales
Reuters – ?10 hours ago?
SHANGHAI Jan 6 China stocks bounced on Wednesday, led by a surge in resources shares, on hopes that regulators will extend a ban on share sales by major stakeholders as Beijing scrambled to avert a potential repeat of last summer’s market crash.
Yuan Sinks to Five-Year Low as PBOC Surprises With Weaker Fixing
Bloomberg–2 hours ago
The People’s Bank of China set the yuan’s daily reference rate at the lowest level …. The yen reached its strongest level since October and Treasuries rose for a …
Bank of America Merrill Lynch: The Shanghai Composite Will Plummet by Nearly …
Bloomberg – ?15 hours ago?
“We believe that the most vulnerable is [the renminbi], followed by A-share market, debt default and possibly housing price,” wrote Cui. “Any break of these ‘promises’ may be contagious.” BofAML’s David Woo has separately detailed how this year will be …
Emerging Currencies Slide to Record on Yuan Shock as Ruble Drops
Bloomberg–2 hours ago
China may be headed for a “hard landing” as borrowers are taking on record … to own emerging-market debt rather than U.S. Treasuries widened five basis …
Marc Faber: We Have Colossal Credit Bubble in China
Bloomberg–5 hours ago
… the investment opportunity in 10-Year and 30-Year U.S. Treasuries, troubles in the Chinese economy, and his preference for emerging markets. He speaks on …
Venezuela central bank curbs fuel fears over hyperinflation
Financial Times – ?22 hours ago?
A decision by Venezuela’s president to curb legislative oversight of the central bank has increased the embattled country’s prospects of sliding into hyperinflation, according to analysts. The tactic is the latest in a power struggle between the …
British shop prices fall in December, more retail deflationseen
Reuters UK – ?15 hours ago?
“We can expect the current levels of deflation across the retail industry to continue for the first half of 2016,” Mike Watkins, head of retail and business insight at data company Nielsen, which collates the survey, said. “After the unseasonably mild …
Alberta’s debt-to-GDP ratio set to skyrocket, warns Fraser Institute
Calgary Herald – ?21 hours ago?
The Fraser Institute study by Charles Lammam and three others, says combined federal and provincial debt has increased from $834 billion in 2007 to a projected $1.3 trillion in 2015-16. The combined debt amounts to $35,827 for every Canadian, the study …
Interest payments exceed $60 billion as Canadian governments continue racking …
The Nelson Daily – ?18 hours ago?
The study, The Cost of Government Debt in Canada, finds that Canadian governments (federal, provincial and local) spent $60.8 billion on debt interest payments in 2014/15—virtually equivalent to total public spending on K-12 education in Canada ($62.2 …
Alaska governor pushes back against S&P ratings downgrades
Reuters – ?19 hours ago?
Standard and Poor’s on Tuesday lowered Alaska’s general obligation (GO) debt to AA+ from AAA due to its belief that the oil-producing state’s credit quality has continued to slide amid sustained low oil prices. S&P also lowered its rating to A+ from AA …
S&P warns further downgrades may be on horizon
Alaska Public Radio Network–13 hours ago
With oil prices showing no sign of rallying, the state is facing a deficit of about $3.5 billion for the foreseeable future. That puts the burden on policymakers to …
Pressure Grows on Saudi Arabia to Ditch Dollar Peg
Wall Street Journal–22 hours ago
What’s more, to hold the peg, Saudi Arabia spends billions of its dollars buying … Households and businesses have debt in foreign currencies, and payments …
Rio Olympic track stadium goes dark due to unpaid bills
ESPN – ?Jan 5, 2016?
“We have to find out who is responsible for the debt,” the club said. The Brazilian website Globo Esporte, … Organizers are trying to chop about $500 million in expenditures to keep the operating budget at $1.9 billion. The cuts are reaching all …
Illinois Ending Exile From Bond Market Amid Record Budget Fight
Bloomberg – ?4 hours ago?
Since it last sold general-obligation bonds in April 2014, the Illinois Supreme Court threw out the state’s effort to cut workers’ benefits to help close a $111 billion pension-fund deficit. Its credit rating has been cut. And temporary tax increases …
S&P downgrades Puerto Rican bonds after default
The Hill – ?21 hours ago?
Y.) last month giving Puerto Rico access to bankruptcy courts, which would have allowed the commonwealth to restructure its debt. Schumer warned of widespread problems if Puerto Rico’s crisis isn’t solved, but Hatch, the Senate Finance Committee ..Puerto Rico shows more evidence of January 1 default with PRIFA …
Reuters–18 hours ago
It also warned that it would default on $1.4 million debt due to its Public Finance Corp while iSovereign risk sees 2008 crisis level swing
CNBC–2 hours ago
This is still above speculative grade or junk debt which refers to bonds that … They have a higher risk of default compared to investment-grade debt but give a …
Report: DPS owes $3.5B; out of cash in April?
Detroit Free Press–4 hours ago
The report says DPS has $1.9 billion in operating liabilities, which are mostly employee legacy costs — such as unfunded pension benefits — and also include …
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