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The first part of this vice episode covers the ghost cities of China, this is actually where i first learned about it. He actually goes to the cities and walks around. You can see it a little more first hand in this one.
Would be a good place to shoot a horror, sci fi, or psychological thriller if you skip to 4 and half minutes in. Endless huge buildings with maybe 1 or 2 tenants a building max. There are nearly 600 more cities in China now than there were when the Communist Party took over in 1949.
R.I.P. Joseph Bach (Itchymoku), 1987-2018.
Please visit this thread for more information.
Because he can be a polarizing figure, I always hesitate to post a link to anything by Paul Krugman (somehow, economics and politics seem to be inseparable today).
But he made his reputation (and got his Nobel) in international trade, and this brief post may help to provide some context into the underlying situation, and China's options, and their choices thus far:
My read of all the news articles is that they will be adjusting their rate daily based on market reaction. Also that the worldwide powers that be detected the chasm between market reality and the yuan pinned valuation and warned China to pursue a policy that was more realistic. If that's true shouldn't we expect a transitional period where we see these kind of adjustments almost daily? I think so, and I think the overreaction in the world market presents an excellent opportunity to make profits (long and short) as it finds equilibrium.
I’m making some attempt to anticipate if the PBoC will change the reference rate. They have said they will allow a 3% trading band around a daily midpoint set by the PBoC every morning.
I’m assuming that if it’s traded above 1.5% or below 1.5% the midpoint that they will change the reference rate.
I worked up an excel spreadsheet ( attached ) with the calculations to support this idea.
The conclusion is that if the yuan trades above 6.510921 then they will raise the rate.
Presently it’s going the other way and is at 6.3858
fyi, not qualified to do this! I’m not sure if I’m right about the facts or calculations… but I think the idea has merit. If anyone with more experience would like to chime in please do!
Edit: The initial move in the yuan reference rate on Monday was not made because of a breach in the band. Instead it was supposedly a one time adjustment.... with the understanding that henceforth any changes to the reference rate would respect the band breach scheme. I don't know if it violated the band on Tuesday.
@MktOutperform: 16 sigma event in Chinese Yuan ETF, which basically means it should not happen once in the history of the Universe. pic.twitter.com/DOnKUaqXz8