SaxoTV

Jakobsen: China made a massive move this week and here's why

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During a week when China took a massive move towards the eventual, and now it seems inevitable, liberalisation of the Yuan, Saxo Bank's Chief Economist Steen Jakobsen has been analysing the investment conclusions.

So, how does this affect traders positions? Steen argues that the USD will see weakness against the euro, gold will gain as Chinese investors look to the metal as a means of avoiding further CNY devaluation and China will avoid a 'hard landing' because other economic indicators, such as electricity consumption, appear positive.