China's forex reserves declined $34 billion in October, the largest decline since December 2016. Reserves in SDRs declined $35 billion. Reserves fell the $3.053 trillion.
Breaking USDCNY 7 will also break $3 trillion in reserves. Quickly thereafter, reserves will be below $2.9 trillion and the cost of defending the yuan will start rising rapidly along with depreciation expectations. Markets are whistling past a global financial panic.
Personal Spending Jumps More than Income in March
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Disposable (after tax) income rose 0.5 percent in March. Real (inflation
adjusted) income rose 0.2 percent. The rise in spending outpaced the rise
in income.
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