China devalues yuan after poor economic data

China devalued its currency on Tuesday after a run of poor economic data, a move it billed as a free-market reform but which some suspect could be the beginning of a longer-term slide in the exchange rate.

The central bank set its official guidance rate down nearly 2 percent to 6.2298 yuan per dollar - its lowest point in almost three years - in what it said was a change in methodology to make it more responsive to market forces.

It was the biggest one-day fall since a massive devaluation in 1994 when China aligned its official and market rates .... http://www.reuters.com