“There are no good options”.
Ok, well the yuan plunged overnight.
“Restocking.” Figuratively and literally.
“Felix, you had me at hello”…
“…the Minsky threat of a financial crisis per se is lower than the risk of generalized downward pressures on economic growth should the policy effort falter.”
“Let me in.”
Come one, come all.
“When asked their worst trades this year, they mostly cited buying volatility, credit protection, or equity puts.”
And now, back to your regularly scheduled programming…
“One school of thought is that they have played their cards exceptionally well this year in the FX market.”
There’s always tomorrow.
The point: Beijing is already predisposed to intervening in markets to offset any turmoil a sovereign downgrade might catalyze and you can bet that predisposition is stronger than ever ahead of the Party Congress.
This time last week, everyone thought we’d all seen our last Friday.
That’s cause for concern. Given that the country is the engine of global growth and trade, you don’t want to see the brakes slammed on. That said…