In today's episode, Weston Nakamura explains the recent price action of the world's worst performing currencies in 2023: the Japanese yen's sudden surge as options on futures expire and crowded positions close, and the Chinese yuan in crisis mode as the authorities continue to urgently exercise multiple yuan-supportive measures. Weston suggests that should the yen short covering gain momentum, global yields may fall in tandem.
Lastly, Weston follows up on his recent and ongoing thesis of the leadership shakeup currently underway at the People's Bank of China with additional thoughts - namely, why the central bank is currently operating without an official governor in place?
And what exactly happened to the recently re-appointed (and subsequently fired) incumbent Governor Yi Gang that made his presence as the PBOC Governor so unacceptably toxic?
China’s Stimulus Takes A Backseat To Save The Yuan | Michael Howell
https://youtu.be/f0lu-wKS_kQ
What The Sudden Leadership Shakeup At The People's Bank Of China Is Really About
https://youtu.be/wbqoX7vu86w
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