China devalues yuan currency to three-year low

“China’s central bank has devalued the national currency, the yuan, to its lowest rate against the US dollar in almost three years. The lender said the move was a ‘one-off depreciation’ of 1.9% in a move to make the exchange rate more market-oriented. It comes in the wake of a string of weak economic data from the world’s second largest economy.”

Source: China devalues yuan currency to three-year low – BBC News

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