Chinese Yuan Drops 0.2% After PBOC Reducing Reserve Requirements

This Chinese yuan is dropping again, after the PBOC announced it was cutting the reserve requirements for their banks by 0.5%.

This, of course, is complete horseshit, as the Chinese have done this 5 times in a year.

With this move, most large Chinese banks will need to hold 17% in reserve. This, for some odd reason, is being viewed in a positive light on Wall Street this morning, sending Hong Kong futures up by 0.7% in what has hitherto been a wretched market throughout 2016.