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.

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