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Zero Hedge: China's devaluation plan is warning to Fed against raising rates
1:28p ET Friday, December 11, 2015
Dear Friend of GATA and Gold:
Zero Hedge argues today that China's de-pegging its currency, the yuan, from the U.S. dollar and re-pegging it to a basket of recently depreciated currencies foretells a devaluation of the yuan of 15 percent and a dumping of Chinese foreign exchange reserves to control the descent amid capital outflows.
Zero Hedge adds: "The real purpose of the People's Bank of China's exercise in foreign-exchange management today was, just like in August, to fire a warning shot at the Fed's rate-hiking plans. Only this time the warning shot is far, far louder."
The Zero Hedge commentary is headlined "What China's Stunning Announcement Means" and it's posted here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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