China has been quietly devaluing the Yuan again
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Livewire Markets
Back in January, China sent world markets into a correction as they devalued the Yuan; between 31 December and 11 February, the broad MSCI All Countries World Index fell by 12%. Now, while everyone’s attention has been turned towards Britain, they’ve been quietly devaluing again. The Telegraph’s Ambrose Evans-Pritchard reported this week that the Yuan had been devaluing at an annualised rate of 12% since the beginning of the year. The People’s Bank of China had earlier promised to keep the exchange rate stable, Mark Williams of Capital Economics said: “This makes a mockery of the PBOC’s suggestion that its policy is to keep the currency’s value stable. Markets will not take PBOC policy statements at face value in the future.” Mr. Evans-Pritchard said this is “sending a powerful deflationary impulse through a global economy already caught in a 1930s trap.” (Image source: CNN Money)
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Patrick was one of Livewire’s first employees, joining in 2015 after nearly a decade working in insurance, superannuation, and retail banking. He is passionate about investing, with a particular interest in Australian small-caps.
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![Patrick Poke](https://assets.livewiremarkets.com/rails/active_storage/representations/proxy/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaHBBL2Q2QVE9PSIsImV4cCI6bnVsbCwicHVyIjoiYmxvYl9pZCJ9fQ==--17274e6e91b7751cae215992f610de492b73b3bf/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaDdCem9MWm05eWJXRjBTU0lJY0c1bkJqb0dSVlE2RTNKbGMybDZaVjkwYjE5bWFXeHNXd2RwQWNocEFjZz0iLCJleHAiOm51bGwsInB1ciI6InZhcmlhdGlvbiJ9fQ==--c306068f01ab83c3650795f1865f4e6da1f93433/Screen_Shot_2017-02-28_at_8.02.18_PM.png)
Patrick was one of Livewire’s first employees, joining in 2015 after nearly a decade working in insurance, superannuation, and retail banking. He is passionate about investing, with a particular interest in Australian small-caps.
Expertise
No areas of expertise