Reuters: China devalues yuan after poor economic data
China devalued its currency on Tuesday after a run of poor economic data, a move it billed as a free-market reform but which some suspect could be the beginning of a longer-term slide in the exchange rate.
The central bank set its official guidance rate down nearly 2 percent to 6.2298 yuan per dollar - its lowest point in almost three years - in what it said was a change in methodology to make it more responsive to market forces.
It was the biggest one-day fall since a massive devaluation in 1994 when China aligned its official and market rates.
Update: China Rattles Markets With Yuan Devaluation -- Bloomberg
WNU Editor: This is just more evidence that on the economic front .... China is playing to win.
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