Currency War Begins: Chinese Yuan Crashes Past 7 To New Record Low; Global Markets Tumble After Beijing Suspends US Agri Imports [zero hedge]
OVERSEAS CHINSE UNSP/ADR (OVCHY)
NASDAQ:AMEX Investor Relations:
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Source: zero hedge
Update 3: The carnage from yuan volatility is starting to spread...Chinese bond yields are tumbling...Dow futures are down 300 points...S&P futures below 2900...UST yields are collapsing...And the yield curve is cratering... * * *Update 2: - China's central bank has confirmed that it is, indeed, on, saying that it is able to keep the yuan exchange rate at a reasonable and balanced level - whatever that means - while acknowledging that the Yuan plunging beyond 7 per dollar is due to market supply and demand, trade protectionism and expectations on additional tariffs on Chinese goods.Meanwhile, resorting to its old, tired and worn out tricks, Dow Jones reports that the PBOC will crack down on short-term Yuan speculation, and anchor market expectations.Which is great... if only the PBOC didn't say exactly the same back in May, when it warned currenct traders that those "shorting the yuan will inevitably suffer from a huge loss."Three months later, it's currency traders 1 - Beijing 0.*
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