China’s central bank has devalued the yuan to its lowest rate against
the US dollar in almost three years and its biggest one-day drop since
1994 when China aligned its official and market rates.
The lender cut its daily reference rate 1.9 percent calling the change “ a one-off depreciation”.
The move comes as policy makers stepped up efforts to support
exporters on the back of data earlier this week which showed exports
tumbled by 8.3 percent in July. The lender said its fixing will become
more aligned with supply and demand.
Full article and video available here: China Devalues Yuan....
Source: Euronews
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