Chinese Yuan Strengthens As Industrial Profits Plunge By Most On Record

After 2 days of dramatic weakness in the Chinese currency, the Yuan is strengthening modestly at the open following the 8% plunge year-over-year in Chinese Industrial Profits. This is the biggest drop n profits since Bloomberg data began and points to accelerating weakness in China's economy - in the face of the very modest rise in GDP recently. Chinese stocks slipped from a small positive to a small negative in the pre-open, down around 0.1%.

Worst drop in Chinese profits YoY...

and a modest strengthening in the Yuan for now...

Charts: Bloomberg