China devalues yuan after poor economic data

August 11, 2015 7:43 AM

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SHANGHAI China devalued its currency on Tuesday after a run of poor economic data, a move it billed as a free-market reform but that some suspect could be the beginning of a longer slide in the exchange rate.

The central bank set its official guidance rate down nearly 2 percent prior to market open to 6.2298 yuan per dollar - its lowest point in almost three years - from 6.1162 the previous day in what it said was a change in methodology to make it more responsive to market forces.

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