China bust to dump yuan

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This is where the Fed tightening cycle lands hardest. Not in the US, in China as the post-pandemic goods export boom goes bust, exposing very weak domestic demand on the property adjustment and COVID. A falling CNY turns the entire EM complex toxic for markets, 

Pantheon with the note.

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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.