Remember when everyone was losing their shit in February because the yuan was getting hit vs the dollar? All of the headlines spoke to a capital flight out of China, which caused the PBOC to crucify people who tried to convert yuan to dollars, more than the government permitted. World markets were in flux and every single motherfucker I know was scared to buy stocks.
Lo and behold, the yuan is hitting new lows again, much lower than February of 2016–the lowest in six fucking years.
“Bears were testing the psychologically important level of 6.7, which appeared to have been the PBOC’s bottom line lately, but the central bank may have tried to support the exchange rate later,” said Kenix Lai, a Hong Kong-based foreign-exchange analyst at Bank of East Asia Ltd. “China will likely continue to defend 6.7 as the yuan will enter the International Monetary Fund’s basket of reserves in less than a month.”
Talk about currency rigging. Do you people have any idea how badly the Chinese are fucking Japan right now in the FX markets? Try -20% YTD vs the Yen.
How can any country compete vs China when their currency is constantly dropping?
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Do you consider the USDJPY move from 80 to 120 currency rigging?
Japan has been currency rigging for 30 years. The only reason why the yen is gaining vs the dollar is because of two things, imo.
1. China is buying yen and trying to screw over the BOJ
2. The BOJ has lost control of the narrative. The Yen is now a risk off safe haven because their QE is out of fucking control insane.