Mike “Mish” Shedlock's
Sitka Pacific Capital Management,Llc
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.
This material is based upon information that Sitka Pacific Capital Management considers reliable and endeavors to keep current, Sitka Pacific Capital Management does not assure that this material is accurate, current or complete, and it should not be relied upon as such.
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