After yesterday's US and UK market holidays which resulted in a session of unchanged global stocks, US futures are largely where they left off Friday, up fractionally, and just under 2,100. Bonds fell as the Federal Reserve moves closer to raising interest rates amid signs inflation is picking up. Oil headed for its longest run of monthly gains in five years, while stocks declined in Europe.
The problem with China's Wealth Management Products, or WMPs, is not new: we have covered this pillar of China's shadow banking system on various occasions over the past three years, usually just before and after the time of the latest spectacular WMP fund blow up, which promptly becomes headline news and then fades again until the next such collapse.
David Morgan on the Dollar Demise: Silver Moves to China
Posted with permission and written by SGT Report (CLICK FOR ORIGINAL)
We got an early hint of what the PBOC would do tonight on Friday and Saturday, when as we reported, an unprecedented volume burst of bitcoin buying out of China, sent the digital currency soaring to the highest level since 2014.
To be sure, we had expected sailing would not be smooth for the FX market, when on Friday afternoon, after Yellen's' unexpectedly hawkish comments at Harvard, which sent the USD surging, we predicted a stormy sea for the Monday Yuan fix:
CNY will be interesting on Sunday night
Authored by Paul Craig Roberts,
As Our Past Wars Are Glorified This Memorial Day Weekend, Give Some Thought To Our Prospects Against The Russians And Chinese In World War III