If the dodgy employment numbers and hawkish Fed weren’t enough, the return of Chinese devaluation certainly is as the Battler tips briefly but inexorably into the 71s:
And the yuan fix is much weaker today after a firmer US dollar:
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Chinese growth will be OK for another quarter of two so I can’t see a full rerun of the January Mining GFC rout just yet but the dynamics are set for a kind of chronic version of it through H2. Let’s recall that a rising US dollar and falling yuan robs commodity producers and emerging markets of any kind business model as capital flight on US dollar loans crimps domestic demand and external demand is hit as competitiveness versus China dives.