China's First Bond Default: Copper Limit Down, Yuan Crashes Most In Six Years

Worrying headlines are beginning to mount on the back of real economic events (an actual default and a collapse in exports):

• *COPPER IN SHANGHAI FALLS BY 5% DAILY LIMIT TO 46,670 YUAN A TON
• *CHINA YUAN WEAKENS 0.46% TO 6.1564 VS U.S. DOLLAR
• *YUAN DROPS MOST SINCE 2008

Aside from that Iron ore prices are crumbling, Asian stocks are dropping, Chinese corporate bond prices aee falling at their fastest pace in almost 4 months, and all this as 7-day repo drops to one-year lows (as banks hoard liquidity).

Pushing Shanghai copper limit down...

USDCNY is tumbling as PBOC efforts to unwind the massvley one-sided carry trade appear to be getting out of control...