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China devalues yuan by 1.9 pct against dollar

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Aug 11, 2015 (LBO) - Calling it a one-time fix, China's central bank devalued its tightly-controlled currency, the yuan, by 1.
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9 percent on Tuesday. The midpoint for the yuan is now set at 6.
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2298 against the dollar, compared with 6.1162 yuan on Monday, the lowest rate for the yuan against the US dollar in almost three years.

The central bank said this was a "one-off depreciation" to make the exchange rate more market-oriented. Analysts believe the devaluation is a move to support the economy after signs that it was weakening.

In July exports fell by 8.3% and the producer price index was down 5.
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4% from a year earlier. China's stock market also crashed from its peak in June, although the market remains up 21 percent for the year.


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Regional currencies such as the Singapore, New Zealand and Australian dollars, and the South Korean won were weaker on Tuesday after the announcement.
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