China has devalued it steadily since 2015, but its still got 30%-40% to go. With China already in a hard landing (real GDP growth is 3%-4% at best), China is in a position to stage a one off massive devaluation and blame the currency turmoil on the BREXIT. In short, the two largest economies in the world are contracting. One is entering a currency Crisis (China). The others currency is part of a $9 trillion carry trade (the US Dollar). This is a ticking time bomb waiting to go off. No less than the Bond King Bill Gross has stated that we're heading for a massive crisis.
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