China's Currency Slides After Beijing Announces Devaluation

August 11, 2015 1:00 PM

42 0

China's Currency Slides After Beijing Announces Devaluation

BEIJING — China devalued its tightly controlled currency Tuesday following a slump in trade, allowing the yuan's biggest one-day decline in a decade.

The central bank said the yuan's fall was due to reforms aimed at making its exchange rate system more market-oriented. Sustained weakness in the yuan raises the risk of tensions with China's trading partners.

Also read: BRIEF-Newstar sells equipment finance business to Radius Bank for $140 mln

Read more

To category page

Loading...