First it was the U.S. Federal Reserve. Then, in 2013, Japan launched what became known as Abenomics. The European Central Bank (ECB) followed suit in 2014. And now the People’s Bank of China has joined the parade.
Since July, every time crude oil gets a bid there is some news to squash the rally. This time the People's Bank of China, in a surprise move, devalued its currency causing its biggest one day sell-off in almost 20 years.