If for the Asian “dollar”, then China’s inability to place an economic bottom is a problem for every market and economy. The more hopeful mainstream rhetoric from the summer is now gone, just as the “dollar” would have it. China’s variations have far too closely matched these “dollar” waves which, in the midst of another, is not a hopeful sign [...]
There was a point last week - probably about midday Wednesday - when it seemed that the financial world was spinning out of control. China's Shanghai exchange was continuing its slow motion crash, down almost 6% overnight, Europe was getting hammered as Greece teetered, the NYSE suddenly stopped working, United/Continental Airlines was grounded due to computer glitches, the Wall Street [...]
Gold sank lower in coincidence with the reappearance of Chinese liquidity issues. Much like the Fed, the PBOC has both denied it would inject liquidity into the interbank markets while at the same time contradicting itself. The latest from PBOC governor Zhou Xiaochuan was centered on the ephemeral concept of “stability”: “The central bank will make comprehensive use of policy [...]
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