Meanwhile In Shanghai Residents Form Lines To Sell Yuan, Buy Dollars — This Is What Gold Does In A Currency Crisis, China Edition

– Meanwhile In Shanghai Residents Form Lines To Sell Yuan, Buy Dollars:

Ming Pao, the most influential Chinese newspaper in Hong Kong, reports that Shanghai residents are lining up at local banks to sell Yuan for Dollars over fears of even more Yuan devaluation.

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– This Is What Gold Does In A Currency Crisis, China Edition:

As China’s leaders figure out that pegging the yuan to the dollar while quintupling their debt in five years was a colossal mistake, they are, apparently, concluding that the only way out is a sudden, sharp currency devaluation…

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