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When China moved to devalue the yuan on August 11, there was some debate about whether the PBoC was acting to promote renminbi internationalization (thus bolstering Beijing’s IMF SDR bid) or simply attempting to play catch up in the global currency wars.
We've been harsh on Citi in the past, but we admit there is a certain honor among bailoutees when the "smartest people in the room" not only admit they suck at predicting the future, but poke fun at their own forecasting skills. Case in point: the chart below. When the Fed's central-planners do the same, and then spontaneously combust, our job will be done. Average: Your rating: None Average: 5 (6 votes)
Several years ago, Zero Hedge first, and to our knowledge only, reported that when it comes to unofficially executing trades in the equity market the NY Fed - through a slightly more than arms-length arrangement - does so using Chicago HFT powerhouse Citadel.
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