China's Currency Slides After Beijing Announces Devaluation

August 11, 2015 1:00 PM

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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.

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