To briefly review, China has a currency problem first and foremost; CNY DOWN = BAD. Chinese officials have tried everything to arrest the issue or have at times attempted to alleviate its worst tendencies. It appears as if they had early last year (after CNY continued falling even as “reflation” gripped almost every other place, especially around the EM world) settled on a stable CNY at all costs......That sums up the last year and almost five months. CNY is higher, but what was actually accomplished aside from pressing the calendar forward one year and almost five months? Yuan has reobtained a downward tendency again, Hong Kong is flirting with disaster, and now the PBOC has locked itself back into a policy that not three years ago didn’t come close to producing predictable results. Rather, it was the biggest disaster since 2011.