U.S. stocks dive anew after China devalues yuan

August 11, 2015 2:12 PM

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U.S. stocks dive anew after China devalues yuan

U.S. stocks opened sharply lower Tuesday after a surprise overnight move by China to reduce the value of its currency in an effort to provide a boost to its lagging economy by making its goods more affordable to foreign buyers.

The move was greeted negatively by Wall Street as it suggests the world's second-biggest economy might be in worse shape than believed.

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