Bear Pill on Yuan: CNY and XME

After China's revaluation in 2015, the currency weakened despite a general rise in commodities. Since 2017, the currency again was correlated with commodities. A weaker yuan is yet another reason to expect a bearish turn for commodities...or if you expect more disruptions that keep prices high, perhaps the Chinese yuan is finally headed for its big revaluation...

Here is the same with China's FX reserves and some notes.