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  • China’s central bank denies it’s devaluing country’s currency to counter tariffs

    From cnbc.com

    China has allowed its yuan to break through 7 against the dollar for the first time since 2008, but it insisted the move is not “competitive devaluation.” “As a responsible big country, China will abide by the spirit of the G20 leaders’ summit on the exchange rate issue, adhere to the market-determined exchange rate system, not engage in competitive devaluation, and not use the exchange rate for competitive purposes and not use the exchange rate as a tool to deal with external disturbances such as trade disputes,” The People’s Bank of China governor Yi Gang said in a statement on Monday. The onshore ... (full story)

yeah of course, you said and we believed, what did you Chinese think to yourself? all people are naive except you!! Market did it?!!! you must be kidding us!!!
Oh Yeah... You didn't do it on purpose. Trump doesn't do anything on purpose. Banks don't do anything on purpose...
Same storyline why they managed to build artificial islands in South China Sea
Donald J. Trump
@realDonaldTrump
·
2h
China dropped the price of their currency to an almost a historic low. It’s called “currency manipulation.” Are you listening Federal Reserve? This is a major violation which will greatly weaken China over time!
Maybe get away from manipulated currencies would be a start
  •  Guest
  • | IP XX.XXX.184.129
Aren't most currencies manipulated?

Japan and Switzerland have been directly manipulating their currency through direct FX intervention - which is the worse form of manipulation (in my opinion)

Japanese have been doing it for years - even today, they stated they are, "keeping a close eye on JPY rates"

Switzerland have been doing it for almost a decade - ever since the EU crisis.
  •  Guest
  • | IP XX.XXX.147.7
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  • Story Stats
  • Posted: Aug 5, 2019 9:27am
  • Submitted by:
     Newsstand
    Category: Fundamental Analysis
    Comments: 6  /  Views: 4,259