Tuesday, April 15, 2014

Chinese Yuan And Copper Tumbles As Money Supply Growth Plunges To 13-Year Lows

Today's 'bounce' in US equity markets is not translating into Asian equity market strength as China, India, Indonesia, and Thai stocks are fading. Copper is crumbling and just stopped out Dennis Gartman's long

In China, the PBOC withdrew 172bn Yuan (highest since Feb 2013) and pushed the currency back towards its weakest since Feb (which is the weakest since the PBOC began its erstwhile carry-killing-policy. Lots of odd moving-parts in Chinese data tonight with M2 YoY growth tumbling to 12.1% (missing expectations) - its slowest since Jan 2001 but Total Social Financing smashed expectations at 2.07tn Yuan (vs 1.86tn expected). It seems, try as the PBOC might to control it, credit creation continues to balloon in China.
China's Yuan is rapidly heading back towards 15-month lows... (despite Jack Lew's insistence that it strengthen)
Chinese Yuan And Copper Tumbles As Money Supply Growth Plunges To 13-Year Lows

Copper futures plunged below Dennis Gartman's long stop - closing out another losing trade (or winning if you faded him?)
Chinese Yuan And Copper Tumbles As Money Supply Growth Plunges To 13-Year Lows

M2 Growth tumbles to its lowest since Jan 2001...
Chinese Yuan And Copper Tumbles As Money Supply Growth Plunges To 13-Year Lows


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