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It is all going to shit today for Australia’s productive economy. The yuan fixing is in and it is rapidly falling away towards new lows 6.41:
Once this breaks down you can expect an immediate acceleration is everything mining GFC:
- commodity price falls
- miner falls
- US dollar rises
- emerging market currency falls
- high yield bond falls
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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.