China central bank devalues yuan after poor economic data

China devalued the yuan on Tuesday after a run of poor economic data, guiding the currency to its lowest point in almost three years in a move it billed as free-market reform. The central bank described it as a "one-off depreciation" of nearly 2%, based on a new way of managing the exchange rate that better reflected market forces, but economists said the timing suggested it was also aimed at helping exporters.

Data released at the weekend showed that China's exports tumbled 8.3% in July, hit by weaker demand from.

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