China Presses CTRL-P; Money Supply Increases, Yuan Devalues; Most Important Chart for Gold

Xinhua: China's new yuan loans up in July
China's new yuan-denominated lending in July hit 1.48 trillion yuan (241.8 billion U.S. dollars), up 1.61 trillion yuan from a year earlier, official data showed on Tuesday.

M2, a broad measure of money supply that covers cash in circulation and all deposits, increased 13.3 percent year on year to 135.32 trillion yuan at the end of July, according to data released by the People's Bank of China, the central bank.

WSJ: China Moves to Devalue the Yuan
In an apparent effort to blunt criticism over China’s exchange-rate policy, the People’s Bank of China took the step with an eye toward making the yuan’s value more market-based: the midpoint, or fixing, will now be based on how the yuan closes in the previous trading session. Until now, the fixing had been entirely determined by the central bank itself.
This also allows the market to take the yuan as low as it needs to go.

The most important chart for gold is now the CNY/g chart. If the gold price in yuan rallies, the herd will buy.

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