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Nick Beams – China devaluation fuels market turmoil

Financial markets around the world were in turmoil Wednesday as investors, speculators, analysts and pundits tried to assess the significance and implications of the devaluation of the Chinese currency and the establishment of a new mechanism to determine its daily rate. After a 2 percent decline on Tuesday, the renminbi (also known as the yuan) fell a further 1.6 percent …