The devaluation of Chinese currency, yuan, has rattled the global financial markets, boosting the dollar and stirring concerns about a delay in the Federal Reserve’s plan to raise interest rates.
The yuan’s value had declined 1.9% on 11 August 2015, its biggest one-day drop in a decade, and dropped a further 1.6 percent on 12 August. The move could help Chinese companies by making their products less expensive in global markets. US stocks sank, partly on fears about a worsening economic slowdown in China.
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via The Hindustan Times