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Chinese Yuan Strengthens As Industrial Profits Plunge By Most On Record

After 2 days of dramatic weakness in the Chinese currency, the Yuan is strengthening modestly at the open following the 8% plunge year-over-year in Chinese Industrial Profits. This is the biggest drop n profits since Bloomberg data began and points to accelerating weakness in China's economy - in the face of the very modest rise in GDP recently. Chinese stocks slipped from a small positive to a smal lnegative in the pre-open, down around 0.1%.

 

Worst drop in Chinese profits YoY...

 

and a modest strengthening in the Yuan for now...

 

 

Charts: Bloomberg