China devalues yuan again as gold rises
We’re on to day two of China cutting the guiding rate for the national currency. The Chinese central bank lowered the daily fix rate against the US dollar by 1.6 percent to 6.3306 on Wednesday morning. That marks the biggest two-day lowering of its rate against the dollar in more than two decades. On Tuesday, the People’s Bank of China devalued the yuan by almost 2 percent – sparking concerns that China is starting a campaign to weaken its currency in the face of faltering economic growth. Ameera David weighs in.
Then Ameera sits down with Marin Katusa, chairman of Katusa Research and author of “The Colder War: How the Global Energy Trade Slipped from America's Grasp." Marin tells us how predictable it was for Brent crude and WTI to reenter bear markets and gives us his take on OPEC’s production strategy.
After the break, Bianca Facchinei takes a look at the number of US prison inmates that provide cheap labor to the government and businesses. In California, a growing number of prisoners are working as firefighters for $2 an hour, at most.
Afterward Ameera and Erin Ade talk about gold. As the yuan devaluation triggered fears of a currency war and battered commodities like crude and copper, gold was quietly trading upward.
And in The Big Deal, Ameera is joined by Edward Harrison from San Francisco to discuss the upcoming Coin Congress.
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