China has devalued the yuan.
This is a developing story, please return to this post for updates.
UPDATE 1
The devaluation of the yuan has led to its biggest one day drop in more than two decades.
UPDATE 2
BTW Trump is going to have a field day with this, given his view that trade is a nationalistic battle.
UPDATE 3
What it really means is cheaper prices for US consumers. Thank you, China.
The Chinese Government puts Chinese Society on the hook to subsidize American Shoppers
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