China has always been fast and loose with its currency, its worked pretty well for them over the years!
gee...your boy Obama said the same thing: Obama says China must stop manipulating currency https://www.reuters.com/article/us-usa-china-obama-currency-idUSTRE49S7FQ20081029
Advice? If you had 400 shares of a utility stock, whose share price is very down with a negative avoid outlook by some analysts and almost no dividend---would you sell it and take a loss? Would you feel differently if you inherited the stock and it cost you nothing? And if your time frame is maybe 5 years.
@Mark** Kind of a general question, but if I bought it, I'd get out or keep it and sell call options against it.
Yeah China has always manipulated their currency, but it was a major surprise that they decided to give up the 7.0 level against that dollar that they have said they were going to defend I think it shows that they have no interest to make a trade deal before the election right now The currency is on. Gold miners on a tear today. Own some shares of GFI and it spikes 9% today, thinking about taking some off the table despite I am pretty bullish on gold
In Hong Kong, they're blaming the stock market (Hang Seng) woes on the China puppet, Carrie Lam that is the ruler in HK.
If China devalues their currency again tonight then it could be another tough day for the bulls tomorrow
this might be getting a little overdone here imo ... at least in the very short term ... could see a decent dead cat tomorrow ... already seeing some bouncing attempt right now.
