Over three days in mid-August, the People's Bank of China launched a series of decisive currency interventions to devalue the yuan. The move left the Chinese currency with a central parity rate of 6.4010 to the US dollar by the final day, on Thursday August 13 - about 2% weaker than before the central bank's intervention. This was the largest depreciation of the yuan in two decades, and followed the release of data that underlined the fragile nature of China's exports and manufacturing landscape. Exports have largely struggled as a result of rising wages, as well as the depreciation of other global currencies, including the euro and the yen, against the US dollar.
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