Not a good day to be a global central bank. Competitive devaluations all around?
Kidding aside, it’s getting serious in China. CNY DOWN = BAD, so says Big Mama.
“The kind of dollar selling from that bank was so aggressive that we knew instantly that it must be from the Big Mama,” said a Shanghai-based senior currency trader at an Asian bank, referring to the Chinese central bank’s nickname among local traders.
Once more, “dollar” not devaluation.