Here’s a friendly reminder as you wrap things up on a lazy Tuesday.
Remember earlier how we suggested that the only reason EM hasn’t cracked is because RMB vol has been well-behaved?
Well, in case you weren’t convinced that a well-behaved bilateral exchange rate between the US and China is critical for markets, here’s a chart that should drive the point “home” (quite literally if you’re in US stocks)…
(BBG)
