JEWISH KING JESUS IS COMING AT THE RAPTURE FOR US IN THE CLOUDS-DON'T MISS IT FOR THE WORLD.THE BIBLE TAKEN LITERALLY- WHEN THE PLAIN SENSE MAKES GOOD SENSE-SEEK NO OTHER SENSE-LEST YOU END UP IN NONSENSE.GET SAVED NOW- CALL ON JESUS TODAY.THE ONLY SAVIOR OF THE WHOLE EARTH - NO OTHER. 1 COR 15:23-JESUS THE FIRST FRUITS-CHRISTIANS RAPTURED TO JESUS-FIRST FRUITS OF THE SPIRIT-23 But every man in his own order: Christ the firstfruits; afterward they that are Christ’s at his coming.ROMANS 8:23 And not only they, but ourselves also, which have the firstfruits of the Spirit, even we ourselves groan within ourselves, waiting for the adoption, to wit, the redemption of our body.(THE PRE-TRIB RAPTURE)
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HOARDING OF GOLD AND SILVER
DOCTOR DOCTORIAN FROM ANGEL OF GOD
then the angel said, Financial crisis will come to Asia. I will shake the world.
JAMES 5:1-3
1 Go to now, ye rich men, weep and howl for your miseries that shall come upon you.
2 Your riches are corrupted, and your garments are motheaten.
3 Your gold and silver is cankered; and the rust of them shall be a witness against you, and shall eat your flesh as it were fire. Ye have heaped treasure together for the last days.
REVELATION 18:10,17,19
10 Standing afar off for the fear of her torment, saying, Alas, alas that great city Babylon, that mighty city! for in one hour is thy judgment come.(IN 1 HR THE STOCK MARKETS WORLDWIDE WILL CRASH)
17 For in one hour so great riches is come to nought. And every shipmaster, and all the company in ships, and sailors, and as many as trade by sea, stood afar off,
19 And they cast dust on their heads, and cried, weeping and wailing, saying, Alas, alas that great city, wherein were made rich all that had ships in the sea by reason of her costliness! for in one hour is she made desolate.
EZEKIEL 7:19
19 They shall cast their silver in the streets, and their gold shall be removed:(CONFISCATED) their silver and their gold shall not be able to deliver them in the day of the wrath of the LORD: they shall not satisfy their souls, neither fill their bowels: because it is the stumblingblock of their iniquity.
LUKE 2:1-3
1 And it came to pass in those days, that there went out a decree from Caesar Augustus, that all the world should be taxed.
2 (And this taxing was first made when Cyrenius was governor of Syria.)
3 And all went to be taxed, every one into his own city.
REVELATION 13:16-18
16 And he(THE FALSE POPE WHO DEFECTED FROM THE CHRISTIAN FAITH) causeth all,(IN THE WORLD ) both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads:(MICROCHIP IMPLANT)
17 And that no man might buy or sell, save he that had the mark,(MICROCHIP IMPLANT) or the name of the beast,(WORLD DICTATORS NAME INGRAVED ON YOUR SKIN OR TATTOOED ON YOU OR IN THE MICROCHIP IMPLANT) or the number of his name.(THE NUMBERS OF HIS NAME INGRAVED IN THE MICROCHIP IMLPLANT)-(ALL THESE WILL TELL THE WORLD DICTATOR THAT YOUR WITH HIM AND AGAINST KING JESUS-GOD)
18 Here is wisdom. Let him that hath understanding count the number of the beast:(WORLD LEADER) for it is the number of a man; and his number is Six hundred threescore and six.(6-6-6) A NUMBER SYSTEM (6006006)OR(60020202006)(SOME KIND OF NUMBER IMPLANTED IN THE MICROCHIP THAT TELLS THE WORLD DICTATOR AND THE NEW WORLD ORDER THAT YOU GIVE YOUR TOTAL ALLIGIENCE TO HIM AND NOT JESUS)(ITS AN ETERNAL DECISION YOU MAKE)(YOU CHOOSE YOUR OWN DESTINY)(YOU TAKE THE DICTATORS NAME OR NUMBER UNDER YOUR SKIN,YOUR DOOMED TO THE LAKE OF FIRE AND TORMENTS FOREVER,NEVER ENDING MEANT ONLY FOR SATAN AND HIS ANGELS,NOT HUMAN BEINGS).OR YOU REFUSE THE MICROCHIP IMPLANT AND GO ON THE SIDE OF KING JESUS AND RULE FOREVER WITH HIM ON EARTH.YOU CHOOSE,ITS YOUR DECISION.
Thu, Aug 13, 2015, 5:48 PM EDT -US stocks close mixed as China's currency stabilizes-yahoonews
NEW YORK (AP) -- The anxiety that rattled markets earlier this week dissipated Thursday as China's central bank calmed concerns that the country's currency would continue its slide. Major markets in Europe and Asia made gains, while the U.S. stock market finished with a slight loss.Officials from China's central bank defended recent moves to loosen the government's grip on its currency, saying that the yuan will eventually rebound from its recent fall. There is "no basis for persistent and substantial devaluation," said a deputy central bank governor, Zhang Xiaohui. The yuan is close to "market levels" after two days of sharp drops, Zhang said.Beijing's surprise devaluation of its currency shook markets around the world this week, upending stocks, commodities and currencies."I think the central bankers have given people a reason to believe they're not that worried," said Jason Pride, director of investment strategy at Glenmede, a money management firm. "That's why we're seeing some recovery today."The major U.S. stock indexes spent much of Thursday changing course. They fell in the morning, climbed higher in the afternoon then drifted lower in the final hour of trading.The Standard & Poor's 500 index lost 2.66 points, or 0.1 percent, to close at 2,083.39.The Dow Jones industrial gained 5.74 points, less than 0.1 percent, to 17,408.25 and the Nasdaq composite lost 10.83 points, or 0.2 percent, to 5,033.56."This week it has really been all about China's move and trying to interpret what its broader impact might be," said Stephen Freedman, senior investment strategist at UBS Wealth Management. "Now it seems cooler heads are prevailing. People are saying, 'Maybe this might not be as big of a deal as feared.'"A handful of big companies turned in quarterly results. The department-store chain Kohl's reported quarterly sales and earnings that fell short of analysts' estimates. The news knocked its stock down $5.39, or 9 percent, to $56.11.Cisco Systems surged after posting quarterly results that topped analysts' expectations after the market closed on Wednesday. The maker of computer networking equipment credited rising revenue from selling data-center servers and its collaboration with other businesses. Cisco's stock gained 80 cents, or 3 percent, to $28.70, the biggest gain of any company in the Dow.Major Asian benchmarks finished higher after a two-day slump. Japan's Nikkei 225 rose 1 percent, and South Korea's Kospi gained 0.4 percent. In China, Hong Kong's Hang Seng climbed 0.4 percent, while the Shanghai Composite Index on the mainland added 1.8 percent.In Europe, Germany's DAX gained 0.8 percent and France's CAC-40 climbed 1.2 percent The FTSE 100 index of leading British shares finished with a tiny loss.U.S. government bonds sank, lifting the yield on the 10-year Treasury note to 2.19 percent from 2.15 percent late Wednesday.In the commodity markets, gold fell $8 to settle at $1,115.60 an ounce, while silver sank 8 cents to $15.40 an ounce. Copper picked up a fraction of a penny to $2.35 a pound.The price of oil slipped to another six-year low Thursday on continuing concerns about high global supplies. U.S. crude fell $1.07 to close at $42.23, its lowest close since March 3, 2009. Brent crude, an international benchmark, fell 44 cents to close at $49.22 in London.In other futures trading on the New York Mercantile Exchange:— Wholesale gasoline fell 5 cents to close at $1.714 a gallon.— Heating oil fell 1.8 cents to close at $1.569 a gallon.— Natural gas fell 14.4 cents to close at $2.787 per 1,000 cubic feet.
Thu, Aug 13, 2015, 5:42 PM EDT - Currency war fears ease; oil hits six-year low-Reuters-yahoonews
NEW YORK (Reuters) - Bond yields rose in major markets on Thursday after China's central bank reassured investors there was no reason for its currency to keep falling, but oil prices fell to six-year lows on supply concerns.Despite the renewed calm in markets, the yuan weakened for a third day and some forecast further declines in the face of a weak economy, even as People's Bank of China Vice-Governor Yi Gang dismissed talk of a deeper devaluation."They're taking the Chinese central bank at its word, but I'm still taking those comments with a pinch of salt," said Hantec Markets analyst Richard Perry.The PBOC set its guidance rate (CNY=SAEC) at 6.4010 per U.S. dollar prior to the market opening, weaker than the previous fix of 6.3306. The gap between the guidance rate and the traded spot market rate narrowed sharply as banking sources said the PBOC had stepped up intervention to stabilize prices. It was lately traded at 6.3982.Traders remained cautious. Sources had told Reuters this week some powerful voices in the government were pushing for an even deeper yuan devaluation to help China's struggling exporters.Oil prices neared their nadir for 2015 after refinery outages and data showing inventory builds revived concerns about oversupply.U.S. crude (CLc1) settled down $1.07 at $42.23 a barrel, after setting a session bottom at $41.91, its lowest since March 2009 when the financial crisis was wreaking havoc on oil prices. Brent crude (LCOc1) slipped 1.1 percent to $49.13.Investor fears of a currency war or substantial asset depreciation eased, but U.S. equities were hit by weak energy prices, dragging shares of those companies lower.U.S. equities, which had rebounded from steep losses Wednesday, were mixed. The Dow Jones industrial average (.DJI) rose 5.74 points, or 0.03 percent, to 17,408.25, the S&P 500 (.SPX) fell 2.66 points, or 0.1 percent, to 2,083.39 and the Nasdaq Composite (.IXIC) dropped 10.83 points, or 0.2 percent, to 5,033.59. The pan-European FTSEurofirst index of leading 300 blue-chips (.FTEU3) rose 0.9 percent, while the MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.5 percent.U.S. FED FOCUS-The recovery in equities dimmed the allure of safe-haven government debt, pushing up U.S. and European bond yields.German 10-year bond yields were 3 basis points higher at 0.63 percent while benchmark U.S. 10-year yields were up 6 basis points at 2.19 percent, following a lacklustre auction on Wednesday.The dollar, which had also suffered as investors pared back bets that the Federal Reserve's long-awaited interest rate hike would come as early as its Sept. 16-17 meeting, rebounded on Thursday." With the suggestion that the PBOC’s currency adjustment is mostly complete at this point right now, one has to think that a September Fed hike is still on the table," said Mazen Issa, senior currency strategist at TD Securities in New York.The dollar index (.DXY) was up 0.1 percent at 96.373, rebounding from a one-month low of 95.926 hit on Wednesday. U.S. retail sales rebounded in July as households boosted purchases of automobiles and a range of other goods, suggesting solid momentum in the economy.The euro was little changed at $1.1155 (EUR=) after scaling a one-month peak of $1.1215 on Wednesday, helped by the unwinding of euro-funded carry trades in the yuan (EURCNH=) and other emerging market currencies. Spot gold (XAU=) was down about 0.9 percent at $1,115.01 an ounce after logging its fifth straight session of gains.(Additional reporting by Sudip Kar-Gupta and Jemima Kelly in London; Editing by Nick Zieminski and James Dalgleish)
China Devalues Yuan For Third Straight Day-Sky News-By | Sky News – AUG 13,15-YAHOONEWS
Having signalled on Tuesday that the country's currency intervention was a 'one-off depreciation', China has devalued its currency for a third consecutive day.The move by the People's Bank of China (HKSE: 3988-OL.HK - news) serves to highlight the increasing level of concern awarded to the world's second-largest economy.As previously reported, Chinese exports in July came in 8.3% lower than the prior year after fears that the strength of the yuan was rendering Chinese exports uncompetitive.A strong currency makes a country's exports more expensive, which in turn reduces export volume therefore eroding any trade surplus.China determines a midpoint level for the value of the yuan.The currency is then allowed to move 2% above or below this midpoint in daily trading. This is known as the daily fixing.However, Chinese officials sometimes disregard the daily moves and on occasions set the daily fixing such that the yuan is stronger against the dollar a day after the market has indicated it should be weaker.On Wednesday, the dollar/yuan fixing was at 6.33 - 1.6% weaker than Tuesday's fix, which in turn was 1.9% weaker than Monday's. Following yesterday's announcement, the yuan weakened by 1.4%, on the onshore markets, to 6.42.On the offshore markets, where trading is not restricted by the daily 2% band, the Chinese currency weakened 1.8% to 6.5 - its weakest level in four-and-a-half years.China, fearful of the rate of decline in the yuan's value was then rumoured to have intervened by selling US dollars and buying the yuan thereby supporting the currency and stemming any further losses, this behaviour is believed to have continued into Thursday's trading session.However, the hastily called press conference earlier this morning suggests that Chinese officials remain concerned by the currency's collapse this week.The strategy seemed to work as the yuan's daily decline of 1% was halved following the briefing.The yuan has lost 3.3% of its value this week - which to put it into perspective is bigger than any full year move in seven of the last 10 years.China's decision to move from a pegged exchange mechanism to a managed-float system has partly been driven by the strengthening US dollar, the currency to which it has historically been pegged.The dollar's strength together with loss Japanese monetary policy has meant that since mid-2012 the yuan is 60% stronger than the Japanese yen, the currency of a country which which it competes fiercely for exports.In addition, to its attempts to restore export volumes it is also rumoured that the Chinese are hoping to achieve reserve currency status.For the yuan to be included in the International Monetary Fund's (IMF) basket of reserve currencies, known as the Special Drawing Rights or SDR, reforms which make the setting of the yuan's value more market-determined and transparent are widely believed to be needed.The IMF welcomed the decision saying: "The new mechanism for determining the central parity of the Renminbi [yuan] announced by the PBC [People's Bank of China] appears a welcome step as it should allow market forces to have a greater role in determining the exchange rate."The People's Bank of China insists there is no ground for sustained yuan depreciation, however a third consecutive daily devaluation would suggest otherwise.
China tries to quell fears of more big devaluations-Associated Press By JOE McDONALD-AUG 13,15-YAHOONEWS
BEIJING (AP) — China tried Thursday to quell fears its yuan would fall further, saying it is close to market levels following declines that sparked fears of a "currency war" if other governments respond by pushing down their own exchange rates.There is "no basis for persistent and substantial devaluation," said a deputy central bank governor, Zhang Xiaohui, at a news conference. Zhang said the yuan is close to "market levels" after two days of declines.The yuan fell 1.9 percent on Tuesday after a surprise change in exchange rate policy that Beijing said was aimed at making the tightly controlled currency more market-oriented. It fell again Wednesday and by midday on Thursday was down 0.3 percent. Those falls amount to a 3.1 percent drop for the week.Shock waves from the devaluation had spread through financial markets, causing stocks and Asian currencies to tumble.Thursday's central bank comments came after analysts said allowing market forces free rein could drive the yuan sharply lower."It is very possible that we could see a 10 to 15 percent drop in the exchange rate against the U.S. dollar in the next week or two," said Duncan Innes-Ker of The Economist Intelligence Unit in a research note.Investors saw Beijing's move as an effort to benefit its exporters but many economists rejected that view because global demand is weak.The yuan's decline was small compared with fluctuations of freely traded currencies. But after a decade of little or no movement, the change rattled financial markets and threatened to fan political tensions with Europe and the United States.While the International Monetary Fund welcomed Beijing's support for market forces, the change sparked complaints in Washington by lawmakers who accuse Beijing of manipulating its currency to gain a trade advantage."This move may also trigger a new currency war" if central banks respond by trying to depress their country's own exchange rates, said Nicholas Teo of CMC Markets in a report.Asian currencies declined Wednesday as the lower yuan weighed on prices in markets where China is a major trader. Malaysia's ringgit and the Indonesia rupiah plunged to their lowest levels in 17 years. The Singapore dollar, Taiwan dollar and Philippine peso fell to five-year lows.China is exporting "deflationary pressure," said Morgan Stanley analysts Hans Redeker, Ian Stannard and Sheena Shah in a report."This is not a marginal event, given China's economic weight," they said.Neighboring Vietnam widened the band in which its currency, the dong, is allowed to fluctuate each day from 1 percent to 2 percent. That prompted suggestions Vietnam might be trying to help its exporters compete with Chinese goods.On Wednesday, the Chinese central bank indicated it had no immediate plans to stop the yuan's decline. It said the fluctuations would "converge to a reasonably stable zone" following a "short period of adaptation."Until now, Beijing set the yuan's value each day based on a basket of currencies that is believed to be dominated by the U.S. dollar. That meant the yuan rose with the dollar over the past year, hurting Chinese exporters and raising the threat of politically dangerous job losses. Exports in July fell by an unexpectedly steep 8.3 percent from a year earlier.The yuan, also known as the renminbi, is allowed to fluctuate in a band 2 percent above or below a rate set by the People's Bank of China based on its currency basket.The central bank said that starting Tuesday, the daily target will be based on the yuan's closing the previous day and information from traders about currency supply and demand.Tuesday's change probably was the "start of an engineered depreciation," said Mizuho Bank in a report.China's economic growth has slowed to an annual rate of just 7 percent, which is healthy for most countries but far below the previous decade's double-digit pace.China becomes the third major trader to take actions that lower the value of its currency. Initiatives by Japan and the European Union over the past two years depressed the yen and euro by wider margins than this week's decline in the yuan.DBS called the devaluation a "small and long-overdue adjustment that barely begins to make up for the really big moves in the dollar, euro and yen."Beijing's move could complicate the U.S. Federal Reserve's decision about when to raise interest rates that have been near zero since the 2008 global financial crisis. The Fed was expected to act later this year.A weaker yuan would reduce the price of Chinese goods, pushing down already-low U.S. inflation of 1.3 percent. The Fed wants to be "reasonably confident" inflation is returning to its 2 percent target before raising rates.The IMF said the latest change would have no effect on the decision about whether to add the yuan to the dollar, the euro, the yen and the British pound in the basket of currencies used to set the value of the Fund's in-house currency, called Special Drawing Rights.The IMF staff recommended last week that China wait until at least October 2016 to join. The Fund's board is due to consider that recommendation in October."The more liberal approach to managing the exchange rate could bolster China's claims that the renminbi is 'freely usable,' strengthening its case for inclusion in the IMF's SDR currency basket," said Innes-Kerr of the Economist Intelligence Unit."However, suggestions that China is engaging in a currency war could undermine the political goodwill towards it that will ultimately decide whether or not it is permitted to join."
OTHER CHINA-STOCK MARKET NEWS
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HOARDING OF GOLD AND SILVER
DOCTOR DOCTORIAN FROM ANGEL OF GOD
then the angel said, Financial crisis will come to Asia. I will shake the world.
JAMES 5:1-3
1 Go to now, ye rich men, weep and howl for your miseries that shall come upon you.
2 Your riches are corrupted, and your garments are motheaten.
3 Your gold and silver is cankered; and the rust of them shall be a witness against you, and shall eat your flesh as it were fire. Ye have heaped treasure together for the last days.
REVELATION 18:10,17,19
10 Standing afar off for the fear of her torment, saying, Alas, alas that great city Babylon, that mighty city! for in one hour is thy judgment come.(IN 1 HR THE STOCK MARKETS WORLDWIDE WILL CRASH)
17 For in one hour so great riches is come to nought. And every shipmaster, and all the company in ships, and sailors, and as many as trade by sea, stood afar off,
19 And they cast dust on their heads, and cried, weeping and wailing, saying, Alas, alas that great city, wherein were made rich all that had ships in the sea by reason of her costliness! for in one hour is she made desolate.
EZEKIEL 7:19
19 They shall cast their silver in the streets, and their gold shall be removed:(CONFISCATED) their silver and their gold shall not be able to deliver them in the day of the wrath of the LORD: they shall not satisfy their souls, neither fill their bowels: because it is the stumblingblock of their iniquity.
LUKE 2:1-3
1 And it came to pass in those days, that there went out a decree from Caesar Augustus, that all the world should be taxed.
2 (And this taxing was first made when Cyrenius was governor of Syria.)
3 And all went to be taxed, every one into his own city.
REVELATION 13:16-18
16 And he(THE FALSE POPE WHO DEFECTED FROM THE CHRISTIAN FAITH) causeth all,(IN THE WORLD ) both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads:(MICROCHIP IMPLANT)
17 And that no man might buy or sell, save he that had the mark,(MICROCHIP IMPLANT) or the name of the beast,(WORLD DICTATORS NAME INGRAVED ON YOUR SKIN OR TATTOOED ON YOU OR IN THE MICROCHIP IMPLANT) or the number of his name.(THE NUMBERS OF HIS NAME INGRAVED IN THE MICROCHIP IMLPLANT)-(ALL THESE WILL TELL THE WORLD DICTATOR THAT YOUR WITH HIM AND AGAINST KING JESUS-GOD)
18 Here is wisdom. Let him that hath understanding count the number of the beast:(WORLD LEADER) for it is the number of a man; and his number is Six hundred threescore and six.(6-6-6) A NUMBER SYSTEM (6006006)OR(60020202006)(SOME KIND OF NUMBER IMPLANTED IN THE MICROCHIP THAT TELLS THE WORLD DICTATOR AND THE NEW WORLD ORDER THAT YOU GIVE YOUR TOTAL ALLIGIENCE TO HIM AND NOT JESUS)(ITS AN ETERNAL DECISION YOU MAKE)(YOU CHOOSE YOUR OWN DESTINY)(YOU TAKE THE DICTATORS NAME OR NUMBER UNDER YOUR SKIN,YOUR DOOMED TO THE LAKE OF FIRE AND TORMENTS FOREVER,NEVER ENDING MEANT ONLY FOR SATAN AND HIS ANGELS,NOT HUMAN BEINGS).OR YOU REFUSE THE MICROCHIP IMPLANT AND GO ON THE SIDE OF KING JESUS AND RULE FOREVER WITH HIM ON EARTH.YOU CHOOSE,ITS YOUR DECISION.
Thu, Aug 13, 2015, 5:48 PM EDT -US stocks close mixed as China's currency stabilizes-yahoonews
NEW YORK (AP) -- The anxiety that rattled markets earlier this week dissipated Thursday as China's central bank calmed concerns that the country's currency would continue its slide. Major markets in Europe and Asia made gains, while the U.S. stock market finished with a slight loss.Officials from China's central bank defended recent moves to loosen the government's grip on its currency, saying that the yuan will eventually rebound from its recent fall. There is "no basis for persistent and substantial devaluation," said a deputy central bank governor, Zhang Xiaohui. The yuan is close to "market levels" after two days of sharp drops, Zhang said.Beijing's surprise devaluation of its currency shook markets around the world this week, upending stocks, commodities and currencies."I think the central bankers have given people a reason to believe they're not that worried," said Jason Pride, director of investment strategy at Glenmede, a money management firm. "That's why we're seeing some recovery today."The major U.S. stock indexes spent much of Thursday changing course. They fell in the morning, climbed higher in the afternoon then drifted lower in the final hour of trading.The Standard & Poor's 500 index lost 2.66 points, or 0.1 percent, to close at 2,083.39.The Dow Jones industrial gained 5.74 points, less than 0.1 percent, to 17,408.25 and the Nasdaq composite lost 10.83 points, or 0.2 percent, to 5,033.56."This week it has really been all about China's move and trying to interpret what its broader impact might be," said Stephen Freedman, senior investment strategist at UBS Wealth Management. "Now it seems cooler heads are prevailing. People are saying, 'Maybe this might not be as big of a deal as feared.'"A handful of big companies turned in quarterly results. The department-store chain Kohl's reported quarterly sales and earnings that fell short of analysts' estimates. The news knocked its stock down $5.39, or 9 percent, to $56.11.Cisco Systems surged after posting quarterly results that topped analysts' expectations after the market closed on Wednesday. The maker of computer networking equipment credited rising revenue from selling data-center servers and its collaboration with other businesses. Cisco's stock gained 80 cents, or 3 percent, to $28.70, the biggest gain of any company in the Dow.Major Asian benchmarks finished higher after a two-day slump. Japan's Nikkei 225 rose 1 percent, and South Korea's Kospi gained 0.4 percent. In China, Hong Kong's Hang Seng climbed 0.4 percent, while the Shanghai Composite Index on the mainland added 1.8 percent.In Europe, Germany's DAX gained 0.8 percent and France's CAC-40 climbed 1.2 percent The FTSE 100 index of leading British shares finished with a tiny loss.U.S. government bonds sank, lifting the yield on the 10-year Treasury note to 2.19 percent from 2.15 percent late Wednesday.In the commodity markets, gold fell $8 to settle at $1,115.60 an ounce, while silver sank 8 cents to $15.40 an ounce. Copper picked up a fraction of a penny to $2.35 a pound.The price of oil slipped to another six-year low Thursday on continuing concerns about high global supplies. U.S. crude fell $1.07 to close at $42.23, its lowest close since March 3, 2009. Brent crude, an international benchmark, fell 44 cents to close at $49.22 in London.In other futures trading on the New York Mercantile Exchange:— Wholesale gasoline fell 5 cents to close at $1.714 a gallon.— Heating oil fell 1.8 cents to close at $1.569 a gallon.— Natural gas fell 14.4 cents to close at $2.787 per 1,000 cubic feet.
Thu, Aug 13, 2015, 5:42 PM EDT - Currency war fears ease; oil hits six-year low-Reuters-yahoonews
NEW YORK (Reuters) - Bond yields rose in major markets on Thursday after China's central bank reassured investors there was no reason for its currency to keep falling, but oil prices fell to six-year lows on supply concerns.Despite the renewed calm in markets, the yuan weakened for a third day and some forecast further declines in the face of a weak economy, even as People's Bank of China Vice-Governor Yi Gang dismissed talk of a deeper devaluation."They're taking the Chinese central bank at its word, but I'm still taking those comments with a pinch of salt," said Hantec Markets analyst Richard Perry.The PBOC set its guidance rate (CNY=SAEC) at 6.4010 per U.S. dollar prior to the market opening, weaker than the previous fix of 6.3306. The gap between the guidance rate and the traded spot market rate narrowed sharply as banking sources said the PBOC had stepped up intervention to stabilize prices. It was lately traded at 6.3982.Traders remained cautious. Sources had told Reuters this week some powerful voices in the government were pushing for an even deeper yuan devaluation to help China's struggling exporters.Oil prices neared their nadir for 2015 after refinery outages and data showing inventory builds revived concerns about oversupply.U.S. crude (CLc1) settled down $1.07 at $42.23 a barrel, after setting a session bottom at $41.91, its lowest since March 2009 when the financial crisis was wreaking havoc on oil prices. Brent crude (LCOc1) slipped 1.1 percent to $49.13.Investor fears of a currency war or substantial asset depreciation eased, but U.S. equities were hit by weak energy prices, dragging shares of those companies lower.U.S. equities, which had rebounded from steep losses Wednesday, were mixed. The Dow Jones industrial average (.DJI) rose 5.74 points, or 0.03 percent, to 17,408.25, the S&P 500 (.SPX) fell 2.66 points, or 0.1 percent, to 2,083.39 and the Nasdaq Composite (.IXIC) dropped 10.83 points, or 0.2 percent, to 5,033.59. The pan-European FTSEurofirst index of leading 300 blue-chips (.FTEU3) rose 0.9 percent, while the MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.5 percent.U.S. FED FOCUS-The recovery in equities dimmed the allure of safe-haven government debt, pushing up U.S. and European bond yields.German 10-year bond yields were 3 basis points higher at 0.63 percent while benchmark U.S. 10-year yields were up 6 basis points at 2.19 percent, following a lacklustre auction on Wednesday.The dollar, which had also suffered as investors pared back bets that the Federal Reserve's long-awaited interest rate hike would come as early as its Sept. 16-17 meeting, rebounded on Thursday." With the suggestion that the PBOC’s currency adjustment is mostly complete at this point right now, one has to think that a September Fed hike is still on the table," said Mazen Issa, senior currency strategist at TD Securities in New York.The dollar index (.DXY) was up 0.1 percent at 96.373, rebounding from a one-month low of 95.926 hit on Wednesday. U.S. retail sales rebounded in July as households boosted purchases of automobiles and a range of other goods, suggesting solid momentum in the economy.The euro was little changed at $1.1155 (EUR=) after scaling a one-month peak of $1.1215 on Wednesday, helped by the unwinding of euro-funded carry trades in the yuan (EURCNH=) and other emerging market currencies. Spot gold (XAU=) was down about 0.9 percent at $1,115.01 an ounce after logging its fifth straight session of gains.(Additional reporting by Sudip Kar-Gupta and Jemima Kelly in London; Editing by Nick Zieminski and James Dalgleish)
China Devalues Yuan For Third Straight Day-Sky News-By | Sky News – AUG 13,15-YAHOONEWS
Having signalled on Tuesday that the country's currency intervention was a 'one-off depreciation', China has devalued its currency for a third consecutive day.The move by the People's Bank of China (HKSE: 3988-OL.HK - news) serves to highlight the increasing level of concern awarded to the world's second-largest economy.As previously reported, Chinese exports in July came in 8.3% lower than the prior year after fears that the strength of the yuan was rendering Chinese exports uncompetitive.A strong currency makes a country's exports more expensive, which in turn reduces export volume therefore eroding any trade surplus.China determines a midpoint level for the value of the yuan.The currency is then allowed to move 2% above or below this midpoint in daily trading. This is known as the daily fixing.However, Chinese officials sometimes disregard the daily moves and on occasions set the daily fixing such that the yuan is stronger against the dollar a day after the market has indicated it should be weaker.On Wednesday, the dollar/yuan fixing was at 6.33 - 1.6% weaker than Tuesday's fix, which in turn was 1.9% weaker than Monday's. Following yesterday's announcement, the yuan weakened by 1.4%, on the onshore markets, to 6.42.On the offshore markets, where trading is not restricted by the daily 2% band, the Chinese currency weakened 1.8% to 6.5 - its weakest level in four-and-a-half years.China, fearful of the rate of decline in the yuan's value was then rumoured to have intervened by selling US dollars and buying the yuan thereby supporting the currency and stemming any further losses, this behaviour is believed to have continued into Thursday's trading session.However, the hastily called press conference earlier this morning suggests that Chinese officials remain concerned by the currency's collapse this week.The strategy seemed to work as the yuan's daily decline of 1% was halved following the briefing.The yuan has lost 3.3% of its value this week - which to put it into perspective is bigger than any full year move in seven of the last 10 years.China's decision to move from a pegged exchange mechanism to a managed-float system has partly been driven by the strengthening US dollar, the currency to which it has historically been pegged.The dollar's strength together with loss Japanese monetary policy has meant that since mid-2012 the yuan is 60% stronger than the Japanese yen, the currency of a country which which it competes fiercely for exports.In addition, to its attempts to restore export volumes it is also rumoured that the Chinese are hoping to achieve reserve currency status.For the yuan to be included in the International Monetary Fund's (IMF) basket of reserve currencies, known as the Special Drawing Rights or SDR, reforms which make the setting of the yuan's value more market-determined and transparent are widely believed to be needed.The IMF welcomed the decision saying: "The new mechanism for determining the central parity of the Renminbi [yuan] announced by the PBC [People's Bank of China] appears a welcome step as it should allow market forces to have a greater role in determining the exchange rate."The People's Bank of China insists there is no ground for sustained yuan depreciation, however a third consecutive daily devaluation would suggest otherwise.
China tries to quell fears of more big devaluations-Associated Press By JOE McDONALD-AUG 13,15-YAHOONEWS
BEIJING (AP) — China tried Thursday to quell fears its yuan would fall further, saying it is close to market levels following declines that sparked fears of a "currency war" if other governments respond by pushing down their own exchange rates.There is "no basis for persistent and substantial devaluation," said a deputy central bank governor, Zhang Xiaohui, at a news conference. Zhang said the yuan is close to "market levels" after two days of declines.The yuan fell 1.9 percent on Tuesday after a surprise change in exchange rate policy that Beijing said was aimed at making the tightly controlled currency more market-oriented. It fell again Wednesday and by midday on Thursday was down 0.3 percent. Those falls amount to a 3.1 percent drop for the week.Shock waves from the devaluation had spread through financial markets, causing stocks and Asian currencies to tumble.Thursday's central bank comments came after analysts said allowing market forces free rein could drive the yuan sharply lower."It is very possible that we could see a 10 to 15 percent drop in the exchange rate against the U.S. dollar in the next week or two," said Duncan Innes-Ker of The Economist Intelligence Unit in a research note.Investors saw Beijing's move as an effort to benefit its exporters but many economists rejected that view because global demand is weak.The yuan's decline was small compared with fluctuations of freely traded currencies. But after a decade of little or no movement, the change rattled financial markets and threatened to fan political tensions with Europe and the United States.While the International Monetary Fund welcomed Beijing's support for market forces, the change sparked complaints in Washington by lawmakers who accuse Beijing of manipulating its currency to gain a trade advantage."This move may also trigger a new currency war" if central banks respond by trying to depress their country's own exchange rates, said Nicholas Teo of CMC Markets in a report.Asian currencies declined Wednesday as the lower yuan weighed on prices in markets where China is a major trader. Malaysia's ringgit and the Indonesia rupiah plunged to their lowest levels in 17 years. The Singapore dollar, Taiwan dollar and Philippine peso fell to five-year lows.China is exporting "deflationary pressure," said Morgan Stanley analysts Hans Redeker, Ian Stannard and Sheena Shah in a report."This is not a marginal event, given China's economic weight," they said.Neighboring Vietnam widened the band in which its currency, the dong, is allowed to fluctuate each day from 1 percent to 2 percent. That prompted suggestions Vietnam might be trying to help its exporters compete with Chinese goods.On Wednesday, the Chinese central bank indicated it had no immediate plans to stop the yuan's decline. It said the fluctuations would "converge to a reasonably stable zone" following a "short period of adaptation."Until now, Beijing set the yuan's value each day based on a basket of currencies that is believed to be dominated by the U.S. dollar. That meant the yuan rose with the dollar over the past year, hurting Chinese exporters and raising the threat of politically dangerous job losses. Exports in July fell by an unexpectedly steep 8.3 percent from a year earlier.The yuan, also known as the renminbi, is allowed to fluctuate in a band 2 percent above or below a rate set by the People's Bank of China based on its currency basket.The central bank said that starting Tuesday, the daily target will be based on the yuan's closing the previous day and information from traders about currency supply and demand.Tuesday's change probably was the "start of an engineered depreciation," said Mizuho Bank in a report.China's economic growth has slowed to an annual rate of just 7 percent, which is healthy for most countries but far below the previous decade's double-digit pace.China becomes the third major trader to take actions that lower the value of its currency. Initiatives by Japan and the European Union over the past two years depressed the yen and euro by wider margins than this week's decline in the yuan.DBS called the devaluation a "small and long-overdue adjustment that barely begins to make up for the really big moves in the dollar, euro and yen."Beijing's move could complicate the U.S. Federal Reserve's decision about when to raise interest rates that have been near zero since the 2008 global financial crisis. The Fed was expected to act later this year.A weaker yuan would reduce the price of Chinese goods, pushing down already-low U.S. inflation of 1.3 percent. The Fed wants to be "reasonably confident" inflation is returning to its 2 percent target before raising rates.The IMF said the latest change would have no effect on the decision about whether to add the yuan to the dollar, the euro, the yen and the British pound in the basket of currencies used to set the value of the Fund's in-house currency, called Special Drawing Rights.The IMF staff recommended last week that China wait until at least October 2016 to join. The Fund's board is due to consider that recommendation in October."The more liberal approach to managing the exchange rate could bolster China's claims that the renminbi is 'freely usable,' strengthening its case for inclusion in the IMF's SDR currency basket," said Innes-Kerr of the Economist Intelligence Unit."However, suggestions that China is engaging in a currency war could undermine the political goodwill towards it that will ultimately decide whether or not it is permitted to join."
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