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.
What to Make of the Elon Musk Tesla China Embrace?
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Elon Musk went globetrotting to China and scored a big victory for Tesla's
Full Self Drive (FSD) Technology. Or did he?
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