Revelation 6:5,6 NCV When the Lamb opened the third seal, I heard the third living creature say, "Come!" I looked, and there before me was a black horse, and its rider held a pair of scales in his hand. Then I heard something that sounded like a voice coming from the middle of the four living creatures. The voice said, "A quart of wheat for a day's pay, and three quarts of barley for a day's pay, and do not damage the olive oil and wine!"
China’s central bank announced they devalued the country’s currency by 2%, causing the biggest one day loss in the currency trade for the Yuan in decades and showing the second-largest economy in the world continues to struggle.
The move is causing major concern among traders around the world that other nations will begin to devalue their currencies in an attempt to gain advantage in a slower trade market.
“In terms of competitive forces, this raises the stakes. This isn’t a war per se but about maintaining competitiveness. A lot of significant emerging markets have been using this valve,” said Andre da Silva, global head of interest rate strategy at HSBC Holdings, referring to currency devaluations.
“The yuan exchange rate will be more market-oriented going forward,” Zhou Hao, an economist at Commerzbank in Singapore, wrote in a report. “Volatility of both the onshore and offshore rates will pick up significantly.”
The move by China caused the Dow Jones Industrial Average to fall over 200 points. Apple fell more than 4 percent and Caterpillar fell more than 3.5 percent because of the Yuan’s impact on the profits of those multinational corporations.
Analysts say that Apple was a target of the move because the decline helps Apple’s Chinese rivals.
“Chinese tech companies across sectors are all pushing out into the world,” said Xiang Ligang, chief executive of Chinese telecommunications industry website cctime.com. “The yuan devaluation will make these products that much more competitive overseas.”
Ahh yes. The devaluation of the dollar has begun. (Well they have been working on it for awhile but this is the most recent activity with a whopper of a punch.) Can’t bring us down physically so they will bring us down economically and the whole world with it. Believers look up for your redemption draws near.