“With the bank having said on Tuesday that that day’s action was a ‘one-off depreciation’, the rapid two-day drop in the value of the currency of about 4% dealt a blow to investors. They fear a prolonged currency war that could damage world trade should the US and Japan retaliate and drive down the value of the dollar and yen. The prices of key industrial and construction metals – nickel, copper and aluminium – hit six-year lows. The International Monetary Fund said China’s move to make the yuan more responsive to market forces appeared to be a welcome step and that Beijing should aim to achieve an effectively floating exchange rate within two to three years.”
http://www.theguardian.com/business/2015/aug/12/china-yuan-slips-again-after-devaluation
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