China unclips

China cuts its currency free from the dollar. This means, among many things I don’t pretend to understand, that the most populous, most rapidly industrializing nation on earth, having already shouldered a huge part of the US’s former manufacturing capacity, is now on a better footing to out-buy us on the tightening world oil market. It also means that the Stokemonkey components I import will likely cost more, soon.

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