Dollar Battle, China Devalues Their Yuan

The battle against the devaluation of the almighty Dollar isn't only synonymous with Nigeria as in a surprise policy change, China has allowed their currency, the Yuan, to depreciate nearly 2% against the Dollar by  China's Central Bank.

According to reports from CNN Money,  the bank said it has now decided to let market forces play a larger role in the country's currency markets.

Until now, the central bank had total control over where the midpoint was set but henceforth, the midpoint will be based on the previous day's closing price.

However, this sudden one time devaluation is likely to draw serious criticism from some quarters as the U.S. has long accused China of keeping its currency artificially low by hoarding foreign reserves, instead of allowing it to move freely in foreign exchange markets.

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