China's central bank just devalued its currency by 2% to boost economy.The central bank described as
a "one-off depreciation" based on a new way of managing the exchange
rate that better reflected market forces, triggered the yuan's biggest
fall since 1994, pushing it
to its lowest level against the dollar CNY=CFXS in almost three years. The move is to increase the competitiveness of China's exports at a time when the country's economy is growing at its slowest rate for six years.
to its lowest level against the dollar CNY=CFXS in almost three years. The move is to increase the competitiveness of China's exports at a time when the country's economy is growing at its slowest rate for six years.
