China Shakes The World… Again

China Shakes The World… Again by Evergreen Gavekal “When written in Chinese, the word crisis is composed of two characters. One represents danger and the other represents opportunity.” – President John F. Kennedy SUMMARY The steady depreciation in China’s RMB is starting to unhinge global markets for the second time since August 2015. Moreover, we are seeing some disturbing signs that Beijing may be losing control as the country’s available foreign exchange reserves dwindle in the face of accelerating capital outflows. There is an uncomfortably high chance that, by the end of 2016, China may be forced to float the…