• Tag Archives South Korea
  • Global Stocks Rise Amid Unexpected ECB “Trial Balloon”; Dollar Flat Ahead Of Fed Minutes

    European markets continued their risk-on mood in early trading for the third day, rising to the highest in over a week and rallying from the open led by mining stocks as industrial metals spike higher after zinc forwards hit highest level since 2007, lifting copper and nickel. The EUR sold off sharply, boosting local bond and risk prices after the previously discussed Reuters “trial balloon” report that Draghi’s speech at Jackson Hole would not announce the start of the ECB’s taper. The EURUSD has found support at yesterdays session low. Bunds have rallied in tandem before gilts drag core fixed income markets lower after U. K. wages data surprises to the upside. Early EUR/JPY push higher through 130.00 supports USD/JPY to come within range of 111.00.
    In Asia, Japan’s JGB curve was mildly steeper after the BOJ continued to reduce its purchases of 5-to-10-yr JGBs; the move was consistent with the BOJ’s desire to cut back whenever markets stabilize, according to Takenobu Nakashima, strategist at Nomura Securities Co. in Tokyo. The yen is little changed after rising just shy of 111 overnight. The S. Korean Kospi is back from holiday with gains; The PBOC weakened daily yuan fixing; injects a net 180 billion yuan with reverse repos; the Hang Seng index rose 0.9%, while the Shanghai Composite closed -0.2% lower. Dalian iron ore declines one percent. Japan’s Topix index closed little changed. South Korea’s Kospi index rose 0.6 percent, reopening after a holiday. The Hang Seng Index added 0.8 percent in Hong Kong, while the Shanghai Composite Index fell 0.2 percent. Australia’s S&P/ASX 200 Index advanced 0.5 percent. Singapore’s Straits Times Index was Asia’s worst performer on Wednesday, falling as much as 1.1 percent, as banks and interest-rate sensitive stocks dropped.
    The Stoxx Europe 600 Index rose 0.7%, the highest in a week. The MSCI All-Country World Index increased 0.3%. The U. K.’s FTSE 100 Index gained 0.6%. Germany’s DAX Index jumped 0.8% to the highest in more than a week. Futures on the S&P 500 Index climbed 0.2% to the highest in a week. Global markets are finally settling down after a tumultuous few days spurred by heightened tensions between the U. S. and North Korea. Miners and construction companies led the way as every sector of the Stoxx Europe 600 advanced as core bonds across the region declined. Crude gained for the first time in three days after industry data was said to show U. S. inventories tumbled 9.2 million barrels last week.

    This post was published at Zero Hedge on Aug 16, 2017.

  • VIX Tumbles, S&P Futures, Global Stocks Rebound Sharply As Korea Fears Fade

    The VIX tumbled by nearly 3 vols, down to 13.10 last, or over 18% lower and global stocks and S&P futures rebounded sharply on Monday as tensions over an imminent conflict with Pyongyang receded after U. S. officials played down the likelihood of a nuclear conflict with North Korea, recovering from fears of a U. S.-North Korea nuclear standoff drove them to the biggest weekly losses of 2017, while the dollar too rose off four-month lows it had hit against the yen.
    As DB summarizes the latest events in the ongoing N. Korean crisis, this could be a pivotal week in the stand-off as last week Kim Jong-un did say that they would be ready to attack Guam by “mid-August” which if we are being literal is this week. However a lack of much news on the story over the weekend is surely a positive for now. Indeed the CIA’s director Pompeo tried to calm nerves by speaking to Fox news on Sunday, noting that ‘… I’ve seen no intelligence that would indicate that we’re in (the cusp of a nuclear war) today…’ and would not be surprised if NK tested another missile. Further, national security adviser McMaster also said there’s no indication war will break out. Perhaps these comments were a response to Trump’s comments on Friday that ‘military solutions are…locked and loaded, should NK act unwisely…’.
    European shares bounced after falling nearly 3% last week, with the STOXX 600 up 0.7% following on from a 0.9 percent jump in MSCI’s index of Asia-Pacific shares outside Japan. The Stoxx Europe 600 Index headed for its first gain in four days, tracking increases across markets including South Korea. As the chart below shows, Still, Europe may be due for a pullback: the MSCI Europe Index hasn’t had a 10% correction in more than a year.

    This post was published at Zero Hedge on Aug 14, 2017.

  • Pat Buchanan Asks “Is The American Empire Worth The Price?”

    ‘When a man knows he is to be hanged in a fortnight,’ Samuel Johnson observed, ‘it concentrates his mind wonderfully.’
    And the prospect of a future where Kim Jong Un can put a nuclear weapon on a U. S. city is going to cause this nation to reassess the risks and rewards of the American Imperium.
    First, some history.
    ‘Why should Americans be first to die in any second Korean war?’ this writer asked in 1999 in ‘A Republic, Not an Empire.’
    ‘With twice the population of the North and twenty times its economic power, South Korea … is capable of manning its own defense. American troops on the DMZ should be replaced by South Koreans.’
    This was denounced as neo-isolationism.

    This post was published at Zero Hedge on Aug 11, 2017.

  • Fat Chicks Need Not Apply: A Look Inside The Bizarre Interviewing Practices Of South Korea

    In the United States, interview questions about a candidate’s physical attributes or family history will quickly earn a company a multi-million dollar lawsuit. Hell, if you so much as look at a millennial the wrong way during a first meeting you might quickly find yourself unemployed for your insensitive microaggression.
    But, as Bloomberg points out today, questions about physical appearance and family history, among other bizarre stuff we’ll get to shortly, are a common occurrence for young graduates in South Korea. Take the case of 28-year-old Joo Yerim who was required to provide her height and weight on a recent job application.
    When 28-year-old Joo Yerim applied for a job at an art distribution company in Seoul last year, she was required to provide her height and weight on the application. The experience left her angry and frustrated.
    ‘That has nothing to do with my ability to work,’ said Joo, a university graduate who had interned at similar companies in the U. S.

    This post was published at Zero Hedge on Aug 11, 2017.

  • China Warns Trump: “We Will Prevent A North Korea Regime Change”

    In a troubling repudiation of President Donald Trump’s demands that Beijing do more to rein in its bellicose neighbor, Beijing, through the state-owned media, cautioned the US president on Friday that it would intervene (militarily) on North Korea’s behalf if the US and South Korea launch a preemptive strike to ‘overthrow the North Korean regime,’ according to a statement in the influential state-run newspaper Global Times.
    “If the U. S. and South Korea carry out strikes and try to overthrow the North Korean regime and change the political pattern of the Korean Peninsula, China will prevent them from doing so,” it said.
    At the same time, the Chinese regime made it clear that its preferred outcome would be a continuation of the status quo, warning Kim Jong Un that it would “remain neutral if North Korea were to strike first.” The article, cited by Rueters, reiterated calls for a diplomatic solution. However, the possibility of talks between the two sides was looking increasingly remote as both Trump and Kim continued to exchange threats of nuclear annihilation, with Trump clarifying Thursday that his earlier promise to respond with ‘fire and fury’ should the North continue to threaten the US may not have gone far enough.

    This post was published at Zero Hedge on Aug 11, 2017.

  • Asian Metals Market Update: August-11-2017

    Factors which can affect markets
    Trump’s rhetoric on nuclear attack on North Korea is a case of barking dogs seldom bite. A nuclear attack on North Korea will indirectly affect people of South Korea as well as people of China. The Japanese Fukushima nuclear disaster is still yet to be fully controlled despite many years. All news related to Fukushima is highly censored. There is a difference between armed attack to dethrone the North Korean monarchy and a nuclear attack. There is a little doubt that North Korea will very soon become a colony of NATO. The American knows that North Korea armed attack will get over quickly whenever they want it. So they have now started Venezuela. American say that Venezuelan elections is rigged and was not conducted in the way they want to. America’s message to the world is that if anything is not done as per their whims and fancies then unleash a global alienation for that nation. On the contrary everyone knows that American elections is the most rigged election among the democratic nations. Certain reports say that the per capita alcoholics is highest in USA in the world, USA has the highest per capita credit card debt. The real purchasing power of the US dollar is on the slide. In the long term gold will rise. Gold is money. Gold is the real asset.

    This post was published at GoldSeek on 11 August 2017.

  • South Korea Introduces World’s First Robot Tax

    /Aug 10, 2017 9:55 PM
    In case you missed it, South Korea has introduced what is being called the world’s first tax on robots amid fears that machines will replace human workers, leading to mass unemployment. Of course, one can’t actually tax robots so what they’re actually doing is changing the corporate tax code to provide disincentives for capital investments in technology. Genius plan if we understand it correctly. Per The Korea Times:
    Amid worldwide debate on the use of robots for work and possible consequent unemployment issues, the government made a first move that may help slow down automation in industries, according to sources, Monday. In its recently announced tax law revision plan, the Moon Jae-in administration said it will downsize the tax deduction benefits that previous governments provided to enterprises for infrastructure investment aimed at boosting productivity.
    Currently, enterprises that have invested in industry automation equipment are eligible for a corporate tax deduction. Companies can have part of their corporate tax ? between 3 percent and 7 percent of the investment ? deducted under the policy, with the rate varying by the size of their business.
    This sunset policy was scheduled to expire at the end of the year. But the government suggested extending it to the end of 2019 while decreasing the deduction rate by up to 2 percentage points.

    This post was published at Zero Hedge by Tyler Durden.

  • South Korean Investors Suddenly Wake Up To Nuclear Armageddon Risks Next Door

    The always efficient markets of the world had, until very recently discounted zero probability of any ‘risk’ for South Korean stocks. Having soared 27% in the last few months, hot money EM flows have sent KOSPI soaring, despite endless escalations in rhetoric against their neighbor; until all of a sudden, after President Trump’s “fire & fury” escalation, KOSPI ‘risk’ just exploded…
    While the ‘professionals’ in the credit markets have been pricing in increasing risk for South Korea for months…

    This post was published at Zero Hedge on Aug 10, 2017.

  • World Markets Slide Spooked By Latest N.Korea Statement; Dollar, Gold, Oil Jump

    European and Asian market and S&P futures have resumed their slide, as geopolitical tensions between North Korea and the U. S. spiked again overnight after Pyongyang responded to the latest set of warnings by Trump, revealing a plan to fire 4 ballistic missiles at Guam by mid-August. Gold gains for a third day while Brent rose above $53.
    Following de-escalation attempts by Rex Tillerson, and a NYT report that Trump’s “fire and fury” statement had been improvised, markets saw a tentative recovery in risk appetite in overnight U. S. and early Asian trading, but a risk off mood returned again as Asian stocks fell back and London, Frankfurt and Paris dropped 0.5-1.2 percent in Europe, spooked by North Korea’s latest response to Trump, which dismissed as a “load of nonsense” warnings by President Trump that it would face “fire and fury” if it threatened the United States and in which a general outlined a detailed plan on state TV to fire four Hwasong-12 ICBM at Guam by mid-August, sending virtually every Asian market lower. “Sound dialogue is not possible with such a guy bereft of reason and only absolute force can work on him” North Korea said of its diplomacy with Trump.
    Asia took the brunt of tonight’s selloff, with Japan’s Topix index ended less than 0.1 percent lower, while South Korea’s Kospi index slid 0.4 percent, adding to a 1.1 percent drop on Wednesday. The Hang Seng Index in Hong Kong fell 1.1 percent. Australia’s S&P/ASX 200 Index lost 0.1 percent. The MSCI Asia Pacific Index fell 0.5 percent. The won dropped to a four-week low and was trading 0.6 percent down, while the Japanese yen rose 0.2 percent to 109.80 per dollar, the strongest in eight weeks.

    This post was published at Zero Hedge on Aug 10, 2017.

  • The Secret History Of The Banking Crisis

    Accounts of the financial crisis leave out the story of the secretive deals between banks that kept the show on the road. How long can the system be propped up for?
    It is a decade since the first tremors of what would become the Great Financial Crisis began to convulse global markets. Across the world from China and South Korea, to Ukraine, Greece, Brexit Britain and Trump’s America it has shaken our economy, our society and latterly our politics. Indeed, it has thrown into question who ‘we’ are. It has triggered both a remarkable wave of nationalism and a deep questioning of social and economic inequalities. Politicians promise their voters that they will ‘take back control.’ But the basic framework of globalisation remains intact, so far at least. And to keep the show on the road, networks of financial and monetary co-operation have been pulled tighter than ever before.
    In Britain the beginning of the crisis was straight out of economic history’s cabinet of horrors. Early in the morning of Monday 14th September 2007, queues of panicked savers gathered outside branches of the mortgage lender Northern Rock on high streets across Britain. It was – or at least so it seemed – a classic bank run. Within the year the crisis had circled the world. Wall Street was shaking, as was the City of London. The banks of South Korea, Russia, Germany, France, Belgium, the Netherlands, Ireland and Iceland were all in trouble. We had seen nothing like it since 1929. Soon enough Ben Bernanke, then chairman of the US Federal Reserve and an expert on the Great Depression, said that this time it was worse.

    This post was published at Zero Hedge on Aug 9, 2017.

  • “The World’s Most Feared Investor” Lashes Out At Safe Spaces

    Several days after Paul Singer released his much anticipated letter to investors (key excerpts here), the founder of Elliott Management was profiled on Bloomberg as the “most feared activist investor in the world – by hedge fund rivals, companies and even countries”, and for good reason. Singer’s Elliott Management, which manages $34 billion of assets, has not only rarely been out of the headlines the past 18 months – in the process targeting the world’s biggest mining company, taking on Warren Buffett, ousting CEOs on both sides of the Atlantic and setting off a chain of events that led to the impeachment of South Korea’s president – but as shown in the table at the bottom, has generated unprecedented and consistent returns, putting the rest of the activist sector to shame.
    Some more details:
    … his impact is undeniable. He started with just $1.3 million from family and friends in 1977, and the fund’s investments in equity and debt have since led to at least $93 billion in corporate asset sales and share buybacks, according to data compiled by Bloomberg. While he’s been scorned for employing bullying tactics at times, Singer doesn’t worry about his tough reputation. He sees it as a selling point for his investors.

    This post was published at Zero Hedge on Aug 7, 2017.


    GOLD: $1268.00 DOWN $1.60
    Silver: $16.79 UP 9 cent(s)
    Closing access prices:
    Gold $1269.60
    silver: $16.85
    Premium of Shanghai 2nd fix/NY:$4.33
    LONDON FIRST GOLD FIX: 5:30 am est $1266.35
    LONDON SECOND GOLD FIX 10 AM: $1267.55
    For comex gold:
    TOTAL NOTICES SO FAR: 1637 FOR 163700 OZ (5.091 TONNES)
    For silver:
    1,165,000 OZ/
    Total number of notices filed so far this month: 233 for 1,165,000 oz
    On Friday night I wrote the following:
    ‘On yesterday’s commentary I thought we were going to have a raid today. I noticed that the gold/silver equity shares sold off badly yesterday and that is a sure sign that an attack will occur. Probably our crooks were blindsided today with the failure of the Republicans to pass the healthcare bill as well as lousy GDP report, the all important wage inflation is non existent and the passing of new sanctions against Russia. And then we can couple all of this with the new launching of a ICBM that could hit New York and Boston…and yet with all of that news, the gain in gold was less than 10 dollars and silver, 11 cents. However today again, the gold/silver equity shares fell off badly on closing and we have only Monday morning for options expiry. There has never been any time during any options expiry that the crooks have not generated a raid. So if they fail to raid on Monday, they are losing control as demand is far outstripping supply in our precious metals.

    This post was published at Harvey Organ Blog on July 31, 2017.

  • June Swiss gold exports: 90% moving east — Lawrie Williams

    The latest figures for gold exports from Switzerland just further emphasise that physical gold is continuing to move eastwards in a big way. The country’s gold refineries sent 74% of their gold exports to Greater China (the Chinese mainland and Hong Kong) and India alone, while if we add in other south and east Asian nations – Malaysia, Singapore, Taiwan, Thailand and South Korea – and the Middle East – Turkey, the UAE, Lebanon and Jordan – fully 90% of Swiss gold exports that month moved to this region.
    Why is this so significant? Switzerland produces no gold of its own, but its gold refineries between them are the world’s largest gold exporters taking gold bullion and scrap from mines and other sources, including good delivery 400 ounce bars, and re-refining these into the smaller sizes in demand in Asia and the Middle East and re-exporting the bullion mostly to these eastern nations.
    The latest Swiss figures also support the anecdotal evidence of extremely tight supply, with the Swiss refineries struggling to source enough gold to meet the eastern demand. In June, Switzerland exported in total 162.1 tonnes of gold while only importing 124.9 tonnes – a shortfall of 37.2 tonnes. This is the second month in a row where Swiss gold exports were substantially larger than imports – the figure for May was around 39 tonnes.

    This post was published at Sharps Pixley

  • US Urges All Nationals In North Korea To “Depart Immediately”, Bans Tourists From Visiting

    Dennis Rodman will be disappointed to learn that the US is set to ban all citizens from traveling to North Korea, according to two agencies that operate tours there. Koryo Tours and Young Pioneer Tours said the ban would be announced on 27 July to come into effect 30 days later, the BBC reported. “After the 30-day grace period any US national that travels to North Korea will have their passport invalidated by their government.” The ban comes one month after US student Otto Warmbier died following his imprisonment by the Kim regime.
    China-based Young Pioneer Tours, which had taken Warmbier to North Korea, and Koryo Tours said the ban will come into force on July 27 – the anniversary of the end of the Korean War – with a 30-day grace period. Koryo Tours added that the Swedish embassy in Pyongyang, which handles consular affairs for the United States in the North, informed it of the ban, but did not say how long it would last. The U. S. embassy in the South Korean capital, Seoul, did not immediately respond to a request for comment.
    Rowan Beard said that the 30-day grace period would “give leeway for any [Americans] currently in the country as tourists or on humanitarian work”. Simon Cockerill, of Koryo Tours, said: “It remains to be seen what the exact text is, but the indication is it’s just a straight up ban on Americans going.” Mr Cockerill told the BBC the agency would still conduct tours and take Americans until the ban came into effect.
    Additionally, Rowan Beard of Young Pioneer Tours, told the BBC the embassy was urging all US nationals to depart immediately. He said the embassy was trying to check on the number of US tourists left in the country.

    This post was published at Zero Hedge on Jul 21, 2017.

  • Greatest Fools? The Countries That Trust Their Government Most (And Least)

    Trust in government serves as a vital driving force for a country’s economic development, increases the effectiveness of governmental decisions, as well as leading to greater compliance with regulations and the tax system. As Statista’s Niall McCarthy notes, the level of confidence in a country’s government is generally determined by whether people think their government is reliable, if it can protect its citizens from risk and whether or not it is capable of effectively delivering public services.
    The latest edition of the OECD’s Government at a Glance report has found that confidence in government varies widely between countries.
    Unsurprisingly, Greece has the lowest level of confidence in its government, unsurprising given the economic pain it has suffered since the onset of the financial crisis. In recent years, Greece has had to deal with multiple elections, bank shutdowns, defaulting, the introduction of capital controls and being on the frontline of the European migration crisis. That has all led to 13 percent of the Greek public having confidence in their government. South Korea also has a low level of confidence at 24 percent, most likely due to President Park Geun-hye’s impeachment scandal.

    This post was published at Zero Hedge on Jul 17, 2017.

  • The Trump-South Korea Meeting This Week Will Do Nothing to Stop Kim Jong Un

    The Trump-South Korea meeting this week won’t result in any concrete plan between the two world leaders for countering North Korea’s future threats.
    The cause of this anticipated Washington/Seoul standstill: starkly different policy approaches held by both world leaders – South Korea’s new commander in chief President Moon Jae-in and President Donald Trump.
    Here’s a look at those specific differences… and how a stalemate between Washington and Seoul will leave Pyongyang unrestrained in its ongoing weapons-testing…
    Moon Supports Diplomacy, and So Did Trump… Last Year
    Let’s start by examining South Korean President Moon Jae-in’s recent rise to power.
    Moon was elected on May 9 after running a slapdash campaign to replace South Korea’s disgraced, impeached President Park Geun-hye. He campaigned on taking a diplomatic approach to North Korea.
    Specifically, Moon touted reviving a limited version of the Sunshine Policy of Engagement – a policy that South Korea employed briefly in the early 2000s. The Sunshine Policy aimed to build trust between North and South Korea through investments, exchanges, and aid programs.
    This policy, however, ended in October 2006 when South Korea suspended aid shipments to Pyongyang, seemingly unprovoked.

    This post was published at Wall Street Examiner on June 27, 2017.

  • “Tech Wreck” Goes Global Dragging Worldwide Markets Lower; Cable, USDJPY Slide

    First the bad news: following Friday’s “tech wreck” European equity markets have opened lower, with the Stoxx 600 sliding 0.9% and back under the 50DMA for the first time since December, dragged by selloff in tech shares, mirroring Asian markets as Friday’s “FAAMG” volatility in U. S. markets spreads globally, battering shares from South Korea to the Netherlands. European banks lag as the Spanish regulator stepped in to prevent another bank collapse, this time of LiberBank which we profiled yesterday, by banning short-selling in the regional commercial bank to mitigate Popular-related contagion.
    Samsung Electronics, ASML Holding and Tencent Holdings led declines in Europe and Asia, dragging down benchmark indexes according to Bloomberg. U. S. stock futures, which ignored Friday’s tech move, also fell as markets continue to digest the Nasdaq 100’s plunge on Friday. Europe’s tech index fell as much as 2.8% to put it on track for its biggest one-day loss since October. The index had reached a 15-year high earlier this month and has soared around 40 percent over the last year

    This post was published at Zero Hedge on Jun 12, 2017.

  • Here Are The Seven “Black Swans” SocGen Believes Could Shock Global Markets

    As part of its periodic Global Economic Outlook, SocGen traditionally includes a discussion of what it views are the biggest “black swans” both to the upside and the downside, and the latest just released edition titled “On a Plateau”, which took a rather grim outlook to the world economy predicting that a US recession will likely hit in the not too distant future while “China, South Korea, Australia, US, Germany, UK and Japan are in the more mature phase of the cycle”, and that current global growth is “essentially as good as it gets”…
    … was no different.
    Which particular black swan is at the top this time?
    As author Michala Marcussen writes, “to our minds, policy is the main potential source of both upside and downside risk, be it with respect to fiscal expansion, trade policies, wage outcomes, euro area reform or monetary policy. As China tightens policy, what happens next in the US has become critical, we look for modest US tax cuts but believe that, Trumpflation insufficient to offset fading Xiflation. Without tax cuts, the US economy could well slow more substantially as early as 2H18.”

    This post was published at Zero Hedge on May 31, 2017.

  • Markets Wrap: Stocks Flat In Quiet Session With US, UK And China Closed For Holiday

    U. S. markets are closed for the Memorial Day holiday, and with UK and Chinese markets also closed for various holidays, it has been a quiet start to the week, with S&P futures essentially unchanged, trading at 2,415, up 0.06%, a new all time high.
    European stocks opened marginally lower in quiet trading but have since erased the dip to trade little changed, while shares in British Airways owner IAG dipped in early Spanish trading as the airline pushed to recover from a massive technology failure that disrupted hundreds of flights. The Stoxx Europe 600 Index was flat at 391.24, down 0.03%. Italian assets underperformed after Renzi comments on early elections, with banks selling off and bund/BTP spread widening. BTP futures have extended their slide in thin liquidity, with the 10y yield now higher by 7bps fueled by Renzi comments and supply concession. The Italian FTSE MIB fell 2% with traders citing rising risks that the euro zone’s third largest economy could head to early elections in the autumn. “The latest news out of Italy seems to suggest that a new electoral law is indeed in the making,” LC Macro Advisers’ founder Lorenzo Codogno says. “The four major parties appear to converge towards the so-called German system, i.e. a purely proportional system with a 5 percent entry threshold.”
    In Asia, South Korea’s Kospi fell for the first time in seven sessions, slipping from an all time high. North Korea tested another missile although the launch had little impact on risk assets. Australian bonds pared opening gains and slip into negative after sluggish 20-year auction; 10-year yield rises two basis points; ASX 200 down. Nikkei little changed; Chinese developers surge in Hong Kong. Chinese developers lifted the Hang Seng Index, with China Evergrande Group surging to a record in Hong Kong. Bunds have meandered through the session with a speech from the ECB president Mario Draghi at 2:00pm BST in focus, but volumes are also especially light.

    This post was published at Zero Hedge on May 29, 2017.

  • Yuan Tumbles As Moody’s Downgrades China To A1, Warns On Worsening Debt Outlook

    Offshore Yuan tumbled as Moody’s cut China’s credit rating to A1 from Aa3, saying that the outlook for the country’s financial strength will worsen, with debt rising and economic growth slowing. This leaves the world’s hoped-for reflation engine rated below Estonia, Qatar, and South Korea and on par with Slovakia and Japan.
    ‘While ongoing progress on reforms is likely to transform the economy and financial system over time, it is not likely to prevent a further material rise in economy-wide debt, and the consequent increase in contingent liabilities for the government,’ the ratings company said in a statement Wednesday.
    And the most obvious reaction was Yuan selling.

    This post was published at Zero Hedge on May 24, 2017.