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China shocks with new devaluation Wednesday

Uncertainties about the strength of the Chinese economy after a massive slide in exports is seen as the motive for the country's central bank's attempt to weaken the currency.

The central bank in Beijing has shocked the financial markets by performing another currency adjustment. On Wednesday, the bank for the second consecutive day performed a devaluation of the country's currency in relation to the US dollar.

On the currency markets beyond China, the yuan dropped to the lowest level in almost four years versus the US dollar, reports Reuters.

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