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"China’s central bank set the yuan’s reference exchange against the dollar largely in line with where the currency last traded, reflecting Beijing’s pledge to let market forces dictate the currency’s future direction." Full Article
Does it mean that they PBOC will continue to change the reference rate as long as the "off shore" market continues to trade the value of the yuan to levels outside of it's tolerance band? It's that opinion that I'll be looking for in the media tomorrow.
If this isn't something to be very scared about I don't know what is. It's the most text book definition of a bubble if there ever was one. Honestly what is the solution? Think about who America owes money to. How can America borrow money from someone who doesn't have it?
idk maybe there is a bright side, it's kind of too early to tell. The housing thing is pretty scary though because I don't see how they have enough people with suitable incomes to afford to live there anytime in the near future. The average Joe can't just change his job and make an extra 20k or more a year, or what they're saying 45 times what they're currently making. The video is definitely a few years old and it's not the only one. There's other stories about it too, but the 60 minutes one did a good job of explaining it.
R.I.P. Joseph Bach (Itchymoku), 1987-2018.
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