The news yesterday that China’s central bank will devalue the RMB by 2 per cent was not a huge surprise. More than 30 per cent had been written off stocks in the recent market crash. And exports, an area where the country normally leads, were down 8.5 per cent.
However unsurprising it was that China took action, the move is going to have important repercussions both inside and outside of China.
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