Bloomberg Yuan traders haven’t been this dizzy since China’s shock devaluation roiled markets more than three years ago. The currency’s 10-day volatility surged above 8 percent on Monday, the highest level since August 2015. The wild trading contrasts with the calm that descended on Chinese financial assets less than weeks ago, before a meeting between Presidents Xi Jinping and Donald …

Bloomberg The European Central Bank didn’t overstep its mandate by setting up a quantitative-easing program to stave off deflation, judges at the European Union’s top court ruled. The ECB’s bond purchasing program is in line with the law, the EU Court of Justice said, dismissing the latest in a series of challenges from critics who argue the tool deployed by …

Bloomberg Morgan Stanley is optimistic on emerging-market bonds looking ahead to 2019. Some of its clients less so. “We’ve spent the last two weeks discussing our year-ahead outlook with investors. We received pushback on our constructive view on EM fixed income,” Morgan Stanley strategists including James Lord wrote in a note. “Chief among concerns is the global growth outlook and …