China may well be about to devalue its currency again.
This post from Thorburn on the HC Economic blog makes a lot of sense to me.
"The PBOC slashes its benchmark one-year rate by 25 basis points to 4.35% and the benchmark deposit rate by 25 basis points to 1.5%.
Also cut is the banks' reserve requirement ratio by 50 bps, and the bank deposit rate ceiling is removed.
