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China devalues yuan after poor economic data
Tuesday, August 11, 2015 10:10
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China devalued its currency on Tuesday after a run of poor economic data, a move it billed as a free-market reform but which some suspect could be the beginning of a longer-term slide in the exchange rate.
The central bank set its official guidance rate down nearly 2 percent to 6.2298 yuan per dollar – its lowest point in almost three years – in what it said was a change in methodology to make it more responsive to market forces.
It was the biggest one-day fall since a massive devaluation in 1994 when China aligned its official and market rates …. http://www.reuters.com
Source: http://luismmx.blogspot.com/2015/08/china-devalues-yuan-after-poor-economic.html
