Move over yen, PBOC's desperate commercial-led rescue a dismal failure as yuan strikes new low. Why?

You can't understand what these currencies are doing or why their simultaneously crashing matters from the badly outdated, horribly ill-conceived mainstream Economics approach. It starts with what a reserve currency is and is supposed to do; and that isn't pricing oil. China is suffering a massive dollar problem - which means it is our problem, too. CNY DOWN = BAD applies to all of us.