This Is China’s Trade War Weapon

By Bryan Rich

May 20, 5:00 pm EST

With nine trading days remaining in May, stocks are down about 3.5% for the month.  This follows a huge first four months from the year (up 3.9% in January, up 1.8% in February, up 3% in March and up 7.9% in April).

And for the coming week, there’s not much new information for markets to digest.  First quarter earnings season is nearly complete.  The economic data agenda for the week is very light.  And for the first time in a while, there is no expectation of incremental change in the U.S./China trade negotiations.

But this will likely still be the most important chart to watch this week …

 

The Chinese have not weakened the yuan beyond 7 (per dollar – which would be a breach of the white line) since the pre-Lehman days.

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