Not for all devaluation the Chinese yuan was a surprise - video

Many news headlines said that move to devalue the Chinese yuan was a ‘surprise’, but one analyst said he was expecting it, and there will be more surprises in future. Gerald Celente, publisher of the Trends Journal, said he was completely unfazed by the China news. He explained that on July 24, China’s State Council telegraphed the move when it announced a series of measures to pump up the economy and boost declining exports. “Although it wasn’t reported as such, it was clear to the institute the yuan would be devalued,” he said.

China has been implementing economic and monetary measures to resuscitate its flagging economy. The move by China shook the financial world, with Asian and European stock markets selling off.

Celente believes that China can’t save itself. “They’ve got a bunch of rookies playing in a big game over there and they don’t know how to get out of it. Their real estate bubble has burst; they’re just pumping it up with polluted Chinese air. And their equity markets, they can’t fix those either.”