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Asian Currencies, Stocks Drop on Yuan Devaluation

The surprise devaluation of China's currency Tuesday, prompting its biggest single-day drop in a decade, has created a ripple effect through commodities, as well as currencies and stock prices in Asian emerging markets. After falling 2 percent Tuesday, the yuan's market rate fell another 1.6 percent Wednesday. Commodities indexes also declined Wednesday, trading at levels not seen since 2003. Broad indexes of Asian stocks, excluding the Japan market, fell 2 percent, plunging to...

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