What you need to know about the China Yuan devalue move.
Tuesday was a rough day for markets in general, driven by China’s move to devalue their currency. The decline continued Wednesday, being down 2%, until the PBOC was direceted to intervene by the government.
China devalues the yuan as the economy continues to struggle http://on.wsj.com/1IGdJ2T pic.twitter.com/bnFg1OTigz
China’s surprise decision to devalue yuan sparked a widespread selloff in global currencies: http://on.mktw.net/1hwjSYz pic.twitter.com/vQbAMt2oaZ
Why did China devalue the yuan? What impact will it have? Our 5 things to know: http://on.wsj.com/1IVlgtE pic.twitter.com/ZBbJV8c413
The decline had an immediate impact on the E-mini S&P ($ES_F).
ES_F $SPY WEAK DATA PUSHES CHINA TO DEVALUE YUAN CAUSING LARGEST ONE-DAY LOSS IN TWO DECADESpic.twitter.com/kBjXyNFON7
As of this writing, the $ES_F has bounced approximately 10 handles from the low. This article will be updated in the comments section, so stay tuned.