Category Archives: Currency

Hitting ‘Em Where They Ain’t

 “Keep your eye on the ball and hit ‘em where they ain’t”                                                          … Continue reading

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Focus on the Chinese Currency, Not the Equity Market

Chinese equities have started the new year with a series of implosions, implosions exacerbated by the authorities’ ham handed attempts to dampen volatility. Despite the sound and the fury, the Chinese stock market is a sideshow. Ownership of Chinese equities is … Continue reading

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Some Thoughts on the Yuan and Chinese Monetary Policy

China has dominated recent newsflow due to its stock market crash and the devaluation of the yuan (CNY).  The latter, I believe, is an attempt to free up the PBoC to conduct domestic monetary policy to deal with the aftermath of … Continue reading

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All Aboard!

The ECB has boarded the Quantitative Easing train.  Perhaps the deflation that is stalking Europe finally prompted the move. Mr. Draghi and the ECB board have had the benefit of observing Fed policy and Bank of England policy working, versus … Continue reading

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Painted into a Corner

On January 15th, the Swiss National Bank (SNB) stopped defending its currency peg of Swiss franc (CHF) 1.20 to the euro (EUR).  It also imposed a -0.75% overnight rate and moved its target for 3 month libor to -1.25% to … Continue reading

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