Last week, China devalued the Yuan by 3%, and the U.S. stock market responded poorly but then bounced back. We believe that is just the start. Exports from China declined by -8% in July. Keep in mind the vast majority of China’s economy is from exports. An -8% decline has got to have really shaken the central planners. We believe they will have to devalue by a lot more than 3%.

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Market in a Minute 2015-8-18