As China contends with an economic slowdown and a stock market slump, the authorities on Tuesday sharply devalued the country’s currency, the renminbi, a move that could raise geopolitical tensions and weigh on growth elsewhere.
The central bank set the official value of the renminbi nearly 2 percent weaker against the dollar. The devaluation is the largest since China’s modern exchange-rate system was introduced at the start of 1994.
Read more at the New York Times
(Hat tip: KimR)
Tuesday, August 11, 2015
China Devalues Its Currency as Economic Slowdown Raises Concerns
Labels:
China,
currency,
devaluation
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