Alasdair Macleod: Shorting the yuan is dangerous
12:16a ET Friday, February 5, 2016
Dear Friend of GATA and Gold:
China doesn't need to devalue its currency, the yuan, GoldMoney research director Alasdair Macleod writes this week. Rather, Macleod writes, China's objective is to weaken the yuan's primary competitor, the U.S. dollar.
"With dollar reserves accumulating at a record rate because of the trade surplus, China should have no problem maintaining a yuan rate of her choosing," Macleod argues. "If anything she will seek to dispose of dollars on the basis they are overvalued relative to the commodities she needs for the future. China will sell her dollars not to protect the yuan but to dispose of an overvalued currency."
Macleod's analysis is headlined "Shorting the Yuan Is Dangerous" and it's posted at GoldMoney here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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