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Are You Worried About China? Not Nearly Enough, Albert Edwards Reckons
On Thursday, the offshore yuan weakened past 6.80 for the first time in a year, underscoring the fact that the policy divergence between the Fed and the PBoC is likely to widen, as the latter continues to deemphasize tightening amid ongoing signs of economic deceleration and credit contraction.
The PBoC looks like they are prepared to tolerate the FX weakness as it ostensibly helps to cushion the blow from the trade frictions. Apparently, authorities believe they have adequate measures in place
