I was intrigued by a Zerhedge post yesterday evening entitled Gold Jumps As China Devalues Yuan By Most In 2 Months, "Boosts Reforms" Of Corporate Bond Bubble.
OK - Gold is up a bit, but I cannot find any reference to China devaluing the yuan again.
ZH made this claim:
"The Yuan has been fixed stronger for 8 straight days... but tonight PBOC devalues Yuan by 177pips - the most in 2 months,"
It was accompanied by this chart:
I cannot find a reference to "China weakens yuan most since August 13" other than ZH. I assume Bloomberg made that statement as ZH claims "Charts: Bloomberg".
Here is a bit of perspective on the "devaluation" claim.
USD vs Yuan
Is that a devaluation, or is that a reversal of a correction to a previous devaluation?
The answer of course is the latter.