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The PBOC fixing is in at 6.6 yuan to the US dollar but it is chasing markets as the CNY yesterday fell to a new low late yesterday anyway:
I have to tell you that if it were not for a small group of Nigerian guerrillas and a Canadian wild fire holding up oil, right now I reckon the global economy would be sinking towards outright crisis as Brexit combined with the Mining GFC. Recall what a tumbling yuan did to markets earlier this year as the business models of the emerging market complex came under fundamental question.
It’s worth bearing in mind.
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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.
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