The Chinese yuan hits a three-week high after Beijing announces it will be cutting its FX reserve ratio in a bid to prop up its currency while the country’s banks move to support the troubled property sector. We are live at the Ambrosetti Forum on the shores of Lake Como where economist Joseph Stiglitz tells CNBC he doubts whether China possesses the correct economic personnel to guide the country out of its current downturn. U.S. monthly inflation moves higher, causing Treasury yields to rise as a result ahead of today’s important non-farm payrolls data. The Nasdaq suffers its worst monthly performance of the year so far as interest rate expectations remain pessimistic.

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