China lost the currency war, but the ‘manipulation’ continues

Last year at around this time, the exchange rate on the U.S. dollar/Chinese yuan was at 6.44 yuan to 1 dollar. As of this writing, the exchange rate has risen to just over 6.87 yuan to 1 dollar. That’s a decline of close to 7% for the yuan.

Moreover, the move was almost in a straight line, with few retracements since the March 2016 local bottom at 6.44. This price action came as no surprise to us at ElliottWaveTrader.net, as the path of the yuan has followed the prediction that we had laid out in the second of a series of articles, the last one published a year ago this month.

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