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China’s renminbi move sets a risky precedent

First published: The Financial Times, 11/08/2015

Beijing called it a step towards financial liberalisation but that did little to mask the true nature of a decision that, at a stroke, reduced the value of the renminbi by 1.9 per cent. This was a devaluation — a modest one, but still the biggest one-day change in the value of the currency since China began daily adjustments a decade ago. The consequences may be profound….Read more: