
BREAKING China's RMB lowered conversion to USD by 10% today - rememberlenny
http://www.xe.com/currencyconverter/convert/?From=USD&To=CNY
======
Animats
Bloomberg's chart isn't showing this. Where is XE getting their data?[1]
That's a bigger change than in the last two years.

[1]
[https://www.bloomberg.com/quote/USDCNY:CUR](https://www.bloomberg.com/quote/USDCNY:CUR)

~~~
rememberlenny
Bloomberg, Reuters, and Yahoo are all from around 10am today. All of this
started at noon EST.

Reference:
[https://www.facebook.com/kaiser.kuo](https://www.facebook.com/kaiser.kuo)

~~~
seanmcdirmid
They don't chart until the market is open. Its still before 7 AM in BJ.

~~~
rememberlenny
definitely not my forte. Im just relaying the points referenced.

~~~
seanmcdirmid
Bloomberg is always like this, I watch it everyday.

This is all very weird, regardless. It makes sense why we might think it was a
mistake...China hasn't done this kind of depreciation since the 90s.

~~~
rememberlenny
From Bloomberg terminal, ICAP Singapore is the only exchange that has updated
rate at 23:44. Other exchanges haven't updated since the 12/05 date.

~~~
dragonwriter
While ICAP is the most recent, several others shown on the screenshot look
like they were updated only a few minutes earlier; only a few seem to be
12/05.

------
Animats
Industrial and Commercial Bank of China isn't showing a big change, and they
have bid/ask prices at which they will buy and sell.[1] Neither is the Bank of
China.

[1]
[http://www.icbc.com.cn/ICBC/Financial%20Information/Foreign%...](http://www.icbc.com.cn/ICBC/Financial%20Information/Foreign%20Exchange%20Rates/RMB%20Exchange%20Spot%20Rates/)

~~~
rememberlenny
Look at Bloomberg Terminal and the exchange rate update times. ICAP Singapore
is the only one with an update today. Other exchanges are reporting updated
times from yesterday.

------
rememberlenny
ForeignPolicy.com just published:

"Did China’s Currency Just Drop Off a Cliff?"

[http://foreignpolicy.com/2016/12/05/did-chinas-currency-
just...](http://foreignpolicy.com/2016/12/05/did-chinas-currency-just-drop-
off-a-cliff/)

~~~
dragonwriter
But still ends with a "maybe just a glitch" line. Mostly context/analysis of
potential political motives and significance if things are as they appear, but
little in the way of concrete answers.

~~~
seanmcdirmid
No one knows, so is the trouble with opaque economic systems.

------
seanmcdirmid
Corrected on XE:
[http://www.xe.com/currencycharts/?from=USD&to=CNY&view=1D](http://www.xe.com/currencycharts/?from=USD&to=CNY&view=1D)

~~~
rememberlenny
Thank you!

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dragonwriter
Well, this is going to be fun with the "politics detox".

~~~
rememberlenny
For reference:
[http://www.xe.com/currencycharts/?from=CNY&to=USD&view=1D](http://www.xe.com/currencycharts/?from=CNY&to=USD&view=1D)

------
rememberlenny
Update:

From a Forex trading terminal, ICAP Singapore is reporting the 7.48 exchange
rate

------
Animats
XE and Google are showing this big change, while Bloomberg and Yahoo are not.
If this were real, there would be big news stories, and there are not.

~~~
seanmcdirmid
XE has fallen back to earth:
[http://www.xe.com/currencycharts/?from=USD&to=CNY&view=1D](http://www.xe.com/currencycharts/?from=USD&to=CNY&view=1D)

~~~
Animats
Google still has the 7.48. But this does appear to be bogus. If a 10% jump
were real, there would be news stories on all the major financial services.

XE has some explaining to do.

~~~
Animats
Not only has XE fallen back to earth, the spike has been erased from their
displayed history.

 _He who controls the present controls the past. He who controls the past
controls the future._

