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China Weakens Yuan in Rate Reform

China's central bank devalued its currency Tuesday in what it said was a one-time move to make rates more market-oriented. The yuan is allowed to fluctuate 2 percent above or below a central point set daily by the People's Bank of China (PBOC). The PBOC cut the central rate by 1.9 percent as a result of the change that it said would enhance "the market-orientation and benchmark status of central parity." Beginning Tuesday, the PBOC said the central point would...

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