China devalues yuan after weak trade data

August 11, 2015 8:35 AM

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China took action Tuesday that resulted in the biggest one-day drop in the value of its currency in a decade, with the apparent goal of reinvigorating a slowing economy.

The yuan slid 1.9% after the Chinese government changed currency controls. The move came amid the latest release of data showing weakening trade in the world's second largest economy.

Also read: Mnuchin Says Tariffs on Hold While U.S. Negotiates Trade Deal with China

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