Sep 09

China Panics: Calls On US To “Jointly Ensure Global Stability”, Exclaims “Economic Outlook Is Very Bright” (ZeroHedge, Sep 8, 2015):

Hot on the heels of The World Bank demanding The Fed not hike rates, China issued a statement “calling on US to jointly ensure global economic stability,” tonight following a farcical intervention last night on record low volumes and a small devaluation of the Yuan. Foreign Minister Wang added “China and U.S. should also properly handle disagreements and safeguard current international order,” just as another minister spewed forth “China’s economic outlook is very bright,” – well apart from the record debt, collapsing asset values, and masssive over-capacity, you mean. Further measures detailing the new capital restrictions for forward FX transactions were announced (which will likely do for CNH what regulators did to Chinese index futures). Chinese stoicks are extending their gains in the pre-open on vapid volume as China leaves Yuan practically unchanged.

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