The direction of the US stock market is being determined by China's currency right now
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Summary
And it may be influencing the move in U.S. bond yields as well.The currency is now a big driver of market volatility as the rolling three-month daily return correlation between the offshore yuan and the Cboe Volatility Index is at all-time highs, according to Maxwell Grinacoff, a derivatives and quantitative strategist at Macro Risk Advisors.The VIX, AKA Wall Street's fear gauge, popped to the highest in 2019 on Monday amid the violent sell-off as the yuan's level sent shock waves through financial markets.Every night at 9 p.m. ET, the People's Bank of China fixes a level at which the yuan will trade against the dollar within China.
As said here by Yun Li