An item in the Nikkei make surprisingly entertaining reading ...

Its about the press briefing from the People’s Bank of China yesterday (headlines here)

The Nikkei says:

  • Only a select few media outlets were let into the briefing
  • A type of affair that lives up to its Chinese name, chui feng hui, which literally means "blow-the-wind meetings."
  • Reporters heard only what the monetary authorities wanted them to

:-D

More:

  • Deputy Gov. Yi Gang "flatly denied what most observers saw as a clear aim of lowering the guidance rate: helping Chinese-made goods compete in foreign markets."

And nails what the real market concern is behind the devaluation(s):

  • The currency moves ... were a forced response to an unexpectedly deep economic slowdown.... That Beijing tried such a risky policy gives an indication of its economic predicament.

Well worth a read: China goes out on a limb, turns back