Morning Brief – Chinese Yuan

Chinese Yuan

 

The People’s Bank of China yesterday pledged to keep the Yuan stable and will make adjustments to its policy tools to help China’s struggling exporters. For example the amount of cash reserves that banks need to hold could be reduced which will feed through to and assist small firms that have been squeezed by rising commodity prices. The other tool at the PBOC’s disposal is to keep real lending rates low and reduce financing costs for smaller companies. USD/CNY at 6.49.

 

Wind and Solar

 

News that GBP190M is being invested in new wind turbine factories by overseas companies brings cheering news for job creation in the North East of the UK. It also prompted us to look into where the UK is placed and what its Report Card would show on progress in clean energy.  Wind and solar now accounts for 10% of global electricity which has doubled since 2015 and 67% of renewable energy is produced by the USA, China and the EU. The UK now has 7.5 million homes powered by clean energy and ranks number 6 in the world stakes with 29% of our energy requirements being from renewables. Immediately ahead of the UK are Spain, Germany and Ireland and in second place is Uruguay with 44%, but way out in front with 61% is Denmark which allows them to say that they can comprehensively beat England ……but just not on the football field.

 

Al Green

 

Al Green the legendary American singer, songwriter and record producer popped up on my music system last night and what a treat the album L-O-V-E was. I will leave you to discover that in the event that you do not already appreciate Al Green’s music. Listening to it I was reminded of how plain Al Green became known as the Reverend Al Green: back in 1974, AG was taking a bath at his home in Memphis after a gruelling concert tour in California when an (ex) girlfriend named Mary Woodson broke in to his house, barged into his bathroom and tipped the contents of a pan of boiling hot grits onto AG. Mary Woodson then rounded things off by leaving the room and shooting herself dead. A badly burnt and traumatised AG was hospitalised and subsequently became a full convert to Christianity-hence the Rev. Now aged 75 and still worth USD 25 million, Al Green naturally lives in the heart of the bible belt in Arkansas- and is reported to be careful to always lock his bathroom door while managing exes rather better than he did in 1974.

 

Every Breath You Take

 

It was of course that British band, The Police who came up with this number which was released this day in 1983. Hugely successful but not a patch on their band mate Sting who went on to stardom and a fortune estimated to be in excess of $400 million, The Police were one of the bands of the 70’s and 80’s. Here is Every Breath you Take:

Every breath you take
Every move you make
Every bond you break
Every step you take
I’ll be watching you

Every single day
Every word you say
Every game you play
Every night you stay
I’ll be watching you

Oh, can’t you see
You belong to me
How my poor heart aches
With every step you take

Every move you make
Every vow you break
Every smile you fake
Every claim you stake
I’ll be watching you

Since you’ve gone I’ve been lost without a trace
I dream at night I can only see your face
I look around but it’s you I can’t replace
I feel so cold and I long for your embrace
I keep crying baby, baby please

Oh, can’t you see
You belong to me
How my poor heart aches
With every step you take

Every move you make
Every vow you break
Every smile you fake
Every claim you stake
I’ll be watching…

 

Have a Great Weekend!

 

 

 

Discussion and Analysis by Humphrey Percy, Chairman and Founder

Click Here to Subscribe to the SGM-FX Newsletter