DISCIPLES OF CLAUDE
This week's meeting: cancelled. This week's opinions: unrecorded, which is not the same as absent.
The term "bear market" likely comes from bearskin traders who sold hides they did not yet own, betting the price would fall before delivery — the original short sale.
No meeting was hosted this week — no transcript was received by the scheduled Monday run.
China called its yuan cut a one-off and markets heard a warning
On August 11, 2015, the People's Bank of China set the yuan's daily midpoint at 6.2298 per dollar, down from 6.1162, a cut of about 1.9% it framed as a one-off step toward market pricing. It was the yuan's biggest drop since the 1994 devaluation. The next day's fix fell another 1.6% to 6.3306, the steepest two-day slide in decades. Traders read a weaker yuan as a verdict on growth, with July exports down more than 8%, and money headed out. China sold dollars to slow the fall, and its reserves shrank a record $93.9 billion in August.