China Devalues Yuan For Longest Streak Ever To 8 Year Lows

For the 12th consecutive day, China has weakened the official fix of the Yuan against the USD, slashing its currency by over 2.2% in that time – a move only beaten by the “one-off” devaluation in August 2015 that crashed global stock markets. With a 189pip ‘devaluation’ tonight, Yuan is now trading at its weakest since June 2008…
In December 2015, China weakened Yuan 10 days straight leading into The Fed’s rate-hike decision. The current 12-day weakening streak is an all-time record for the Yuan fix.

This post was published at Zero Hedge on Nov 20, 2016.