For some time now, especially since the Germans' assault on Greece, I've been telling ya'll that American corporations bleating about "the strong dollar" hurting their profit positions was the sprinkle before the hurricane. In due time, the BRICs would devalue in order to fend off other BRICs and the $/€.
Told ya so.
Overnight, China devalued the yuan by the largest amount on record, sending the USD/CNY pair higher by 1.9% to 6.3249.
We've only just begun.
-- The Carpenters