Monday, August 10, 2015

China's currency slides after Beijing announces devaluation

FILE - In this Aug. 7, 2003 file photo, a Chinese bank worker displays Chinese yuan at a bank in Beijing. China devalued its tightly controlled currency on Tuesday, Aug. 11, 2015, following a slump in trade, triggering the yuan's biggest one-day decline in a decade. The central bank said the yuan's 1.3 percent fall was due to a change aimed at making its exchange rate controls more market-oriented. But any change raises the risk of tensions with China's trading partners. (AP Photo/Ng Han Guan, File)BEIJING (AP) — China devalued its tightly controlled currency Tuesday following a slump in trade, allowing the yuan's biggest one-day decline in a decade.


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