BNPP IP: What if central banks don’t matter?

Global financial markets continue to digest the People’s Bank of China’s (PBOC) announcement on 11 August to devalue the Chinese yuan. The performance of various risk assets suggests considerable discomfort with the policy action. In the United States the week following the announcement was characterised by the largest equity outflows in 15 weeks (US dollar 8.3 billion), the seventh consecutive week of sovereign debt inflows, and the third straight week of money market inflows

View:

What if central banks don’t matter?