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.
The last four times that Yuan has plunged, US equity market volatility has exploded (and stocks have tumbled)…
But this time is different… as Yuan has collapsed, VIX has crashed too… so far.
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