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Actionable news in EWY: ISHARES MSCI SOUTH KOREA CAPPED ETF,

Asleep At The Wheel: U.S. Shorts Miss Big Trouble In Little China

Right, so the yuan traded like a safe haven this week. We’ve established that. A high-yielding safe haven backed not only by a sizable trade surplus, but also by a central bank that at least for the time being, is still leaning in the direction of a stronger currency to deter capital flight as opposed to a weaker currency to buoy exports.

Is the yuan rally versus the dollar overdone? Probably. And Friday’s weaker-than-expected fixing suggests the PBoC is well aware that July’s export/import numbers (he’s an importer/exporter, ok?) were a disappointment.

But for the time being, yuan strength is one of the the markets big stories.

Given that, the...


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