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Cartoon of the Day: Knot Good - China cartoon 01.07.2016

The People's Bank of China devalued the yuan another 0.5% overnight. The Shanghai and Shenzhen Composite indices closed down -7% and -8.3% respectively and Chinese regulators announced that significant shareholders were not allowed to sell stock equivalent to more than 1% of a company's shares outstanding.

Not good. We reiterate our bearish bias on the Chinese economy, its capital and currency markets.