– China Devalues Yuan To Fresh 4-Year Lows, Arrests Top Securities Firm Exec As Stocks Slide Despite Rate Cuts (ZeroHedge, Aug 25, 2015):
Update: Chinese Police arrested managing director Xu Gang of China’s No.1 brokerage CITIC Securities
The Asia morning begins mixed in stock markets, The PBOC explains itself “this is not a shift in monetary policy,” – except it is the first such set of measures since 2008, further deleveraging as China margin debt drops CNY1 Trillion from June peak to lowest since March, Regulators begin probing securities firms (and their malicious short sellers), Index futures trading fees will be raised and trading positions restricted. Stocks are limping only modestly higher (after the rate cuts) as Yuan is fixed at 6.4043 – the lowest since August 2011.
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