China cuts yuan rate against US dollar for second day

Section:

From Agence France-Presse
via Yahoo News
Wednesday, August 12, 2015

SHANGHAI -- China cut the yuan's value against the dollar for the second consecutive day Wednesday, roiling global financial markets and driving expectations the currency could be set for further falls.

The daily reference rate that sets the value of the Chinese currency against the greenback was cut by 1.62 percent to 6.3306 yuan, from 6.2298 on Tuesday, the People's Bank of China said in a statement on its website.

The move took the reductions to 3.5 percent this week -- the largest in more than two decades -- after a surprise devaluation on Tuesday, but the central bank played down expectations it would continue to depreciate the currency.

The combined drop is the biggest since China set up its modern foreign exchange system in 1994, when it devalued the yuan by 33 percent at a stroke. ...

Analysts said the move could also delay an expected US hike in interest rates and even threaten a currency war as other countries come under pressure to devalue as well. ...

... For the remainder of the report:

http://news.yahoo.com/imf-welcomes-chinas-currency-valuation-mechanism-0...



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