Vast empty shopping malls, condo-apartment complexes, whole cities for that matter sprout out its countryside. This is while countryside surrounding these vacant edifices remains as peasant farms with one room farm huts leaning against mud-brick walls in the midst of human-fertilized fields cultivated by hand.
China is a barely lvable place, with pollution polluting its own pollution of unusable land, water and air. It is a polluted monument to centralized government command planning. m/r
China’s Devaluation of Yuan Jolts Global Markets - WSJ
China’s devaluation of its currency jolted global markets Tuesday, hitting stocks and commodities and boosting government bonds.
The Dow Jones Industrial Average fell 1.2% to 17402.84, erasing most of the previous session’s gains. The S&P 500 fell 1% to 2084.07. The pan-European Stoxx Europe 600 index closed 1.6% lower.
Oil and metals prices also fell sharply, while demand for haven assets pushed down bond yields in the U.S. and Europe, as investors worried that Beijing’s move signaled concerns over growth in the world’s second-largest economy.
The moves came after the People’s Bank of China on Tuesday pushed down the yuan’s trading range against the dollar, setting its daily fixing rate 1.9% lower. Investors reacted to the move by pushing the yuan down almost 2% from that level.
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