China’s Economy Hits a Death Spiral: Tyson Foods Left, Cargill Followed; Yuan Loses Key Support
China’s Economy Hits a Death Spiral: Tyson Foods Left, Cargill Followed; Yuan Loses Key Support
Udumbara
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China’s Economy Hits a Death Spiral: Tyson Foods Left, Cargill Followed; Yuan Loses Key Support
As foreign companies leave China, the yuan loses its primary support. On August 14th, the yuan exchange rate plummeted. The offshore rate dropped to 7.29, the lowest since early November of the previous year. The onshore rate also fell to 7.26, its lowest since the end of June, down by 275 points. More and more economic data indicate that China's economy is in a vicious cycle.
