Courtesy of Mish.
I was intrigued by a Zerhedge post this evening entitled Gold Jumps As China Devalues Yuan By Most In 2 Months, "Boosts Reforms" Of Corporate Bond Bubble.
OK – Gold is up a bit, but I cannot find any reference to China devaluing the Yuan again.
ZH made this claim "The Yuan has been fixed stronger for 8 straight days… but tonight PBOC devalues Yuan by 177pips – the most in 2 months," accompanied with this chart.
I cannot find a reference to "China weakens yuan most since August 13" other than ZH. I assume Bloomberg made that statement as ZH claims "Charts: Bloomberg".
Here is a bit of perspective on the "devaluation" claim.
USD vs Yuan
Is that a devaluation, or is that a reversal of a correction to a previous devaluation?
The answer of course is the latter.
Mike "Mish" Shedlock
