We are continuing to see the recovery in markets since the August correction. And as you know I said in my last blog that there was very little to get concerned about. But what really did happen in August? Well in the space of about 4 days the Chinese government devalued its currency by around 4%. Markets feared that this devaluation was just the tip of the iceberg and thought that there would be a greater devaluation to come. It didn’t happen. However the action of the Chinese government started a chain reaction that led to outflows of Renminbi held assets back into Dollar or Hong Kong Dollar held assets.