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Beijing pressing 'panic button'? Here's what traders need to know
Saxo Bank's Head of FX Strategy John Hardy brings us up to date with the global implications of the latest Yuan devaluation. John had a prediction of a 20% RMB devaluation in his 'Outrageous Predictions' published on tradingfloor.com at the end of last year. Today, he's pointing out that no one really knows where this devaluation could end up because of Beijing's notorious opaque communication culture. We could still see a 20% total being reached.
04:03 minutes
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