China can plunge us all into world of pain

1. China Can Plunge us All into
World of Pain
ANOTHER SPOOK Yuan has weakened against the dollar again, scaring
the country's stock market & causing an eye-popping drop on Tuesday

2. Contd…
The trade of the year has come back to haunt markets. The Chi neseyuan has weakened
against the dollar at its most rapid rate since last August, when Chinese officials devalued
the currency. This move is a throwback to a scary recent time -the turmoil at the beginning
of this year after the Fed's first rate hike since going to zero in December 2008.In January
and February, the yuan's erosion against a strong dollar prompted people to move money
out of the country, which spooked the country's stock mar ket, which spooked markets
around the world. And now, that recent history is repeating itself. Along with more rate
hike talk, a swiftly plunging yuan is back.
What's more, the message coming out of China is just as confusing and aggressive as it was
before.
The government has been maintaining that the yuan is floating freely against a basket of
currencies, as it has insisted since the end of last year. Again, the government is throwing a
tantrum any time the foreign media talks about this issue. And for the first time since the
disaster, the Chinese stock market experienced an almost-instant, eye-popping drop on
Tuesday. -Business Insider

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