This Is What Gold Does In A Currency Crisis, China Edition

As China’s leaders figure out that pegging the yuan to the dollar while quintupling their debt in five years was a colossal mistake, they are, apparently, concluding that the only way out is a sudden, sharp currency devaluation. See Pressure on China central bank for bigger yuan depreciation. Chinese citizens, meanwhile, are anxiously awaiting tomorrow’s market open while mentally repeating the same three lines:

First published here: This Is What Gold Does In A Currency Crisis, China Edition