More on the currency crisis. Iran’s currency has reached a new low, trading at about 120,000 rials to the dollars. The government in Tehran has begun to ration meat, citing a supply shortage. Inflation in Turkey has reached 18 percent in August. Argentina is formulating a new economic plan that would increase investor confidence by cutting the deficit and thus obviating the need to raise export taxes. How it plans to do this, however, is unclear. Cashing in on grains, one of its most valuable sources of U.S. dollars, is politically charged. And in Europe, meanwhile, the pound sterling also fell against the dollar and the euro over ongoing opposition to Prime Minister Theresa May’s Chequer’s plan.
China has released contradictory manufacturing data. Or so it seems. According to the private Caixin/Markit Purchasing Manager’s Index, manufacturing growth in the country slowed to a 14-month low in August, while export orders shrank for a fifth consecutive month. China’s officia