China stuns financial markets by devaluing yuan for second day running
Stocks, currencies and commodities fall sharply across region as investors fear a stalling China economy and possible currency war despite Beijing's assurances
China stunned the world's financial markets on Wednesday by devaluing its currency for a second consecutive day, triggering fears its economy is in worse shape than investors believed.
The move sent fresh shockwaves through global markets, pushing shares sharply lower and sending commodity prices further into reverse as traders feared the move could also ignite a currency war that would destabilise the world economy.
Related: Market slide as China moves to weaken yuan again - live
Related: Chinese yuan: everything depends on what happens next
Related: Why has China devalued its currency now and what impact will it have?
Continue reading...