The Yuan (Chinese currency) is at its lowest value against the U.S. dollar since 2006.
The value of the Yuan is controlled by the government, as President Trump oft pointed out...but they appear to be losing control, and market forces are taking over.
Bloomberg TV said the Chinese CB is in currency markets trying to ignite a short squeeze, but with little effect so far.
I am certainly no expert on these FX matters, but a significantly weakening currency is going to add to the misery of the Chinese people, as you (LP) have been discussing.
For one thing, they import much of the corn needed to produce meat—something the populace now wants. WSJ says they use 4 x the fertilizer per acre as the U.S. and still lag far behind in crop yield. This is partly the inferior soil, and partly inferior farming practices. And they also import the fertilizer.
If one wants to trigger a revolution, the surest way is for people to become hungry.
Also, the weakening currency is causing capital flight.
Dreams of a Yuan-led basket of currencies replacing the USD appear to also be flying out the window.
This is incredible. Usually you have a very powerful derp force behind promoting music, to get that kind of reaction on Billboard. It’s good news to see just how many Americans are pissed and it’s moving mountains. Praise the Lord!
“‘Rich Men North of Richmond’ Makes Unprecedented No. 1 Debut on Billboard Hot 100”