As I posted …the entrance of China in the currency wars (even if by a small amount compared to others) is wreaking havoc.
Specially EM currencies are dropping like ….stones
Vietnam Dong, Turkish Lira, Kazakhstan Tenge, South African Rand, Brasil Real, Thai Bath, Indonesia Rupia, Malaysia Riggit.
It is funny as an obscure country as Kazakhstan can have such an influence (left the peg and dropped 25%). But more than its importance of a country – it is a showcase of what is happening.
It is a massacre on the order of 25 to 50% plunge!
The Reserve Bank of Australia will not be able to stand and watch…probably will have to try and engineer a AUD/USD 65
investorpolitico 