Pages:
Author

Topic: Chinese Yuan CNY Devalues 9% instantly! [Media Blackout?] (Read 1279 times)

hero member
Activity: 481
Merit: 500
Woking as a binman sucks.
"People are saying that the upstream provider(ICAP) of XE made a mistake..."

other sources are saying that the price is correct....
Will have to wait and see but I would think a data error is more likely since many sites are showing a stable price.
(Unless we have some serious media coverup going on.)


Ofc the price was correct. We all saw it. All im saying is expect more wild swings because You can only hold the flood gates for so long before the pressure becomes so big it over powers the gates and wipes everything out.
sr. member
Activity: 434
Merit: 250
"People are saying that the upstream provider(ICAP) of XE made a mistake..."

other sources are saying that the price is correct....
Will have to wait and see but I would think a data error is more likely since many sites are showing a stable price.
(Unless we have some serious media coverup going on.)
sr. member
Activity: 418
Merit: 252
Proud Canuck
Finally a news story:

http://foreignpolicy.com/2016/12/05/did-chinas-currency-just-drop-off-a-cliff/

Quote

 Could Beijing have have just answered President-elect Donald Trump’s weekend provocations?

Maybe they just let it slide for an hour, to prove a point.  Pretty serious, but who knows?
sr. member
Activity: 418
Merit: 252
Proud Canuck
XE is back to normal, others aren't yet

Still looks weird... after dropping back down it is now rock steady for the past 40 mins ... not the behavior of being actively traded.
sr. member
Activity: 356
Merit: 250
So I guess it was a "glitch" after all that...

A 5 hour glitch with live trading during, with no news whatsoever...?

As of right now, Google says it is still 7.48 to the dollar...but they changed the 9% to 0%
legendary
Activity: 2646
Merit: 1137
All paid signature campaigns should be banned.
So I guess it was a "glitch" after all that...
hero member
Activity: 481
Merit: 500
Woking as a binman sucks.
This is unbelievable! Now it just moved 9% back the other direction!

Market makers. Gotta love them!
sr. member
Activity: 356
Merit: 250
This is unbelievable! Now it just moved 9% back the other direction!
hero member
Activity: 481
Merit: 500
Woking as a binman sucks.
This has bot to be good for bitcoin right??
The chinese going to want as many btc as they can get.
sr. member
Activity: 704
Merit: 270
XE is back to normal, others aren't yet
legendary
Activity: 2646
Merit: 1137
All paid signature campaigns should be banned.
Finally a news story:

http://foreignpolicy.com/2016/12/05/did-chinas-currency-just-drop-off-a-cliff/

Quote
Monday, the Chinese renminbi fell by about 10 percent against the dollar in a matter of hours, one of the biggest one-day moves since Beijing allowed its money to partially float. The yuan dropped from about 6.8 to the dollar to about 7.5 — pushing China’s currency to the cheapest level since the 2008-09 financial crisis.

The sudden drop in the currency, also known as the yuan, is telling — if only because Beijing carefully controls its currency fluctuations. Daily movements are sharply limited, and leadership intervenes to prop up the currency — or let it slide — as political whims dictate.  This year, the yuan has already gotten about 5 percent cheaper against the dollar, which makes Chinese goods more competitive against U.S. exports, and makes Chinese exports cheaper and more enticing for American consumers.

Monday evening, there was still plenty of confusion over the nature of the yuan’s plunge. Some ascribed it to a technical error on currency trading platforms; others confirmed that the movement, while brusque, was genuine — but they had little idea what drove the trading.

 Could Beijing have have just answered President-elect Donald Trump’s weekend provocations?

On Sunday evening, as he had before on the campaign trail, Trump took aim at China’s currency policy, tweeting, “Did China ask us if it was OK to devalue their currency (making it hard for our companies to compete)”? Paired with another tweet railing against China’s militarization of reefs and atolls in the South China Sea, Trump appeared to link the economic and security aspects of the U.S. relationship with China in a way seldom done before in Washington.

The question is whether Beijing, by allowing its currency to suddenly slide, thus giving its export-based economy an immediate boost, gave Trump an immediate and provocative answer to his tweets — or whether global currency traders, seeing signs of increased tension between China and the United States simply got bearish on Chinese money.

Trump’s unprecedented phone conversation with the president of Taiwan on Friday rattled Beijing and sent a clear signal that China hawks have a prominent place in Trump’s emerging national-security team.

Or perhaps it was just a trading-platform glitch, after all. The only thing certain is that there will be plenty more turbulence — and not just for the yuan — as the Trump administration and Chinese leaders in Beijing come to grips with the world’s most important rivalry.
sr. member
Activity: 704
Merit: 270
OOOO, this is exciting. Trading suspended, is it a glitch? Even if it is, suspensions of trades and US president elect tweeting bullshit can have a real impact when trading resumes.

Nobody knows, /r/china has accepted the doomed fate of CNY lol

One tweet is being propagated as proof xe.com is not glitched

Quick, Buy! SELL! BUYYYY!
sr. member
Activity: 356
Merit: 250
Yeah it's weird yahoo doesn't even show it. I don't think they update their charts and data as often though. China is a multi trillion dollar economy, so this is very major.
legendary
Activity: 2646
Merit: 1137
All paid signature campaigns should be banned.
The new price finally showed up here:

https://www.google.com/finance?q=USDCNY

Notice the "flat line" in this chart.  Trading suspended?

https://finance.yahoo.com/quote/usdcny=x?ltr=1
legendary
Activity: 1386
Merit: 1027
Permabull Bitcoin Investor
sr. member
Activity: 704
Merit: 270
Weird, either way (if it's a hiccup or not) this should be in news or something.
legendary
Activity: 1386
Merit: 1027
Permabull Bitcoin Investor
I've witnessed this move before and this was done nearly at 8:00 A.M.

I guess in the coming few hours when it's 8:00 or 9:00 A.M. in China, we will see a news coverage.
legendary
Activity: 1386
Merit: 1027
Permabull Bitcoin Investor
What the hell is going on?! Anybody have any news on this yet?

Even my friends on twitter have no idea.

Could you please link us to another chart sites beside GF and XE.
sr. member
Activity: 356
Merit: 250
What the hell is going on?! Anybody have any news on this yet?
As far as I can tell so far it's complete media blackout on one of the biggest currency moves ever!
legendary
Activity: 1386
Merit: 1027
Permabull Bitcoin Investor
Pages:
Jump to: