China just published a nasty warning to traders around the world
Perhaps traders should thank Beijing for the warning. Perhaps they should see it as desperation from the Chinese government. Either way trading the yuan (the Chinese currency) is a pretty crazy way to place a bet these days. The state can (and has in the past as the attached article points out) just completely intervene to counter market forces in the short term. This hammers anyone who is betting that the Chinese currency is going down over the short term. On the other hand the fact that the Chinese government feels the need to threaten traders is interesting as it doesn’t reflect the position of omniscience the Chinese authorities would like the world to see. Heck, we may be beyond the omniscience bit. They may now be just trying to appear competent.
(From The Business Insider)
Don’t be stupid.
That’s the message to yuan traders around the world the Chinese government just published in state media outlet, Xinhua.
Stupid, to the Chinese government in this context, simply means having the nerve to short the yuan, the country’s currency.
The yuan has been depreciating in value steadily since December, becoming a source of volatility in global markets. This runs counter to the government’s desire to let the currency stabilize.
http://www.againstcronycapitalism.org/
Source: http://www.againstcronycapitalism.org/2016/01/china-just-published-a-nasty-warning-to-traders-around-the-world/
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