China Devalues Its Currency as Economic Slowdown Raises Concerns

August 11, 2015 6:45 AM

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China Devalues Its Currency as Economic Slowdown Raises Concerns

HONG KONG — 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.

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