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BREAKING China's RMB lowered conversion to USD by 10% today
- Animats 10y agoBloomberg's chart isn't showing this. Where is XE getting their data?[1] That's a bigger change than in the last two years. [1] https://www.bloomberg.com/quote/USDCNY:CUR https://www.bloomberg.com/quote/USDCNY:CUR
- rememberlenny 10y agoBloomberg, Reuters, and Yahoo are all from around 10am today. All of this started at noon EST. Reference: https://www.facebook.com/kaiser.kuo https://www.facebook.com/kaiser.kuo
- seanmcdirmid 10y agoThey don't chart until the market is open. Its still before 7 AM in BJ.
- rememberlenny 10y agodefinitely not my forte. Im just relaying the points referenced.
- seanmcdirmid 10y agoBloomberg is always like this, I watch it everyday. This is all very weird, regardless. It makes sense why we might think it was a mistake...China hasn't done this kind of depreciation since the 90s.
- rememberlenny 10y agoFrom Bloomberg terminal, ICAP Singapore is the only exchange that has updated rate at 23:44. Other exchanges haven't updated since the 12/05 date.
- dragonwriter 10y agoWhile ICAP is the most recent, several others shown on the screenshot look like they were updated only a few minutes earlier; only a few seem to be 12/05.
- rememberlenny 10y agoReference: https://www.facebook.com/kaiser.kuo https://www.facebook.com/kaiser.kuo
- rememberlenny 10y agoIf you know anyone with access to Bloomberg terminal, ask them to take a look at the Forex section. There are times associated to the rates. Bloomberg rates are from 12/5 (yesterday in China).
- seanmcdirmid 10y agoThis is because the CNY shouldn't trade during the day outside of trading hours. Off hour fluctuations of CNY are just unexpected. CNH is traded at any time, but that is a different beast completely, even if it also represents RMB.
- Animats 10y agoXE and Google are showing this big change, while Bloomberg and Yahoo are not. If this were real, there would be big news stories, and there are not.
- rememberlenny 10y agoReference: Kaiser is talking with XE and explains other outlets https://www.facebook.com/kaiser.kuo https://www.facebook.com/kaiser.kuo
- seanmcdirmid 10y agoXE has fallen back to earth: http://www.xe.com/currencycharts/?from=USD&to=CNY&view=1D http://www.xe.com/currencycharts/?from=USD&to=CNY&view=1D
- Animats 10y agoGoogle still has the 7.48. But this does appear to be bogus. If a 10% jump were real, there would be news stories on all the major financial services. XE has some explaining to do.
- seanmcdirmid 10y agoSupposedly it was ICAP Singapore. Anyways, I hope they explain what happened.
- Animats 10y agoNot only has XE fallen back to earth, the spike has been erased from their displayed history. He who controls the present controls the past. He who controls the past controls the future.
- dragonwriter 10y agoWell, this is going to be fun with the "politics detox".
- rememberlenny 10y agoFor reference: http://www.xe.com/currencycharts/?from=CNY&to=USD&view=1D http://www.xe.com/currencycharts/?from=CNY&to=USD&view=1D
- rememberlenny 10y agoUpdate: From a Forex trading terminal, ICAP Singapore is reporting the 7.48 exchange rate
- Animats 10y agoIndustrial and Commercial Bank of China isn't showing a big change, and they have bid/ask prices at which they will buy and sell.[1] Neither is the Bank of China. [1] http://www.icbc.com.cn/ICBC/Financial%20Information/Foreign%20Exchange%20Rates/RMB%20Exchange%20Spot%20Rates/ http://www.icbc.com.cn/ICBC/Financial%20Information/Foreign%...
- rememberlenny 10y agoLook at Bloomberg Terminal and the exchange rate update times. ICAP Singapore is the only one with an update today. Other exchanges are reporting updated times from yesterday.
- rememberlenny 10y agoForeignPolicy.com just published: "Did China’s Currency Just Drop Off a Cliff?" http://foreignpolicy.com/2016/12/05/did-chinas-currency-just-drop-off-a-cliff/ http://foreignpolicy.com/2016/12/05/did-chinas-currency-just...
- dragonwriter 10y agoBut still ends with a "maybe just a glitch" line. Mostly context/analysis of potential political motives and significance if things are as they appear, but little in the way of concrete answers.
- seanmcdirmid 10y agoNo one knows, so is the trouble with opaque economic systems.
- seanmcdirmid 10y agoCorrected on XE: http://www.xe.com/currencycharts/?from=USD&to=CNY&view=1D http://www.xe.com/currencycharts/?from=USD&to=CNY&view=1D
- rememberlenny 10y agoThank you!