Beijing devalues Yuan

Source: WBP Online
© Scanpix/Reuters
Currency of the world's second largest economy declined against the Greenback on Tuesday, after the PBoC devalued the Yuan. The Dollar soared 1.9% to 6.3299 against the Yuan by 7:15 AM GMT. The move came after the Chinese exports fell by 8.3% in July, on a year-over-year basis. The Chinese government has become worried over the slowing economy, therefore, a weaker currency could increase demand for its goods. 
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