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| Version 1 | Version 2 |
|---|---|
| China devalues yuan currency to three-year low | China devalues yuan currency to three-year low |
| (35 minutes later) | |
| China's central bank has devalued the national currency, the yuan, to its lowest rate against the US dollar in almost three years. | China's central bank has devalued the national currency, the yuan, to its lowest rate against the US dollar in almost three years. |
| The lender said the move was a "one-off depreciation" of 1.9% in a move to make the exchange rate more market-oriented. | The lender said the move was a "one-off depreciation" of 1.9% in a move to make the exchange rate more market-oriented. |
| It comes in the wake of a string of weak economic data from the world's second largest economy. | It comes in the wake of a string of weak economic data from the world's second largest economy. |
| At the weekend, China reported a sharp fall in exports and a slide in producer prices to a near six-year low in July. | At the weekend, China reported a sharp fall in exports and a slide in producer prices to a near six-year low in July. |
| Exports fell by 8.3% in July, far worse than expected and the producer price index was down 5.4% from a year earlier. | Exports fell by 8.3% in July, far worse than expected and the producer price index was down 5.4% from a year earlier. |
| The midpoint for the yuan is now set at 6.2298 to $1, up from 6.1162 yuan on Monday. | The midpoint for the yuan is now set at 6.2298 to $1, up from 6.1162 yuan on Monday. |
| The People's Bank of China manages the rate through the official midpoint, from which trade can rise or fall 2% on any given day. | The People's Bank of China manages the rate through the official midpoint, from which trade can rise or fall 2% on any given day. |
| Until now, it had been determined solely by the central bank itself. | Until now, it had been determined solely by the central bank itself. |
| Making the rate more market-based will mean the midpoint will now be based on how the currency finished the previous trading day. |