Crise: “Shhh… We’ve Already Seen This Movie”

If you follow markets, you remember 2015 vividly. Specifically, you remember it as the year that the "Great Accumulation" came to an end. Following the unceremonious death of the petrodollar in November 2014, EM and GCC FX reserves began to trend lower. When China moved to devalue the yuan in mid-August, the pace of EM FX reserve liquidation (read: US Treasury sales) accelerated markedly as the PBoC fought to control the pace of the RMB's path lower. (Goldman) That marked what Deutsche Ba