Per Bloomberg.com a couple hours ago:
China’s one-year interest-rate swaps completed the biggest weekly drop in four months after the central bank cut borrowing costs and stopped draining funds in open-market operations.
The People’s Bank of China reduced its benchmark rates for the first time since 2012 a week ago, supporting growth in an economy set for the slowest full-year expansion in two decades. Yesterday’s auction window was the first since July that the monetary authority didn’t offer repurchase agreements at, and maturing contracts added a net 35 billion yuan ($5.7 billion) to the financial system this week, the most since August.
watch this … closely.
What am I missing Bart? The DOLLAR is advancing v Yuan, not the Yuan is advancing. http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=Currency&symb=usdcny&x=19&y=14&time=13&startdate=1%2F4%2F1999&enddate=11%2F26%2F2012&freq=3&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=10&uf=0&lf=4&lf2=2&lf3=0&type=4&style=320&size=3&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11
too much turkey… YOU are correct. Sorry … probably too much red also. either way, an advance from in/around here is one of those not talked about BUT very big deals – IMHumbleO. THANK you for correcting me … rock on, ok?
Was the turkey basted in Jack Daniels?
Phew. I’ve been commenting on Yuan weakening for months and I thought I might have been wrong for months. Chinese following Japanese in debasing. Exporting deflation.
NB Looks like JPY may be bottoming here for a while…
No JD … plenty of red wine. 🙂 Very nice pattern appearing on the NK225. a “3 drives to a top.” Will post … great weekend to you!