China plays down devaluation fears as yuan cut for third straight day
by Phillip Inman and agencies from on (#H8C5)
Deputy central bank governor, Zhang Xiaohui, says yuan is close to 'market levels' after two days of declines
China's central bank sought on Thursday to allay fears it would engineer a continued fall in the yuan in a move that brought calm to global markets rocked this week by a shock series of devaluations.
The People's Bank of China said the yuan was close to market levels following three successive declines that stoked fears of a currency war should the US and Japan respond by pushing down their exchange rates.
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