China devalued the yuan today in a move that caught global markets by surprise. Policy makers have increased efforts to support exporters and, going forward, hope to increase the role of market pricing in Asia’s largest economy. The Peoples' Bank of China cut its 1-day rate by 1.9% and, thereby, triggered yuan/dollar devaluation - the biggest one-day drop since January 1994. The central bank informs only this one-time adjustment and intends to increasingly expose the yuan to market supply-and-demand. The announcement follows a series of lower-than-expected data releases from the Chinese manufacturing industry that culminated in decreased trade balance, as […]
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