China's Yuan devaluation worries India
August 12, 2015 09:03
China's decision to delink its currency Yuan from the Dollar and change the reference rate have had a ripple effect across commodities, reports The Business Standard.
The People's Bank of China's move led to the yuan's 1.9 per cent devaluation against the dollar, taking the Chinese currency to its lowest in almost three years. According to Bloomberg, this was the biggest one-day loss since China unified official and market exchange rates in 1994.
The rupee was down 0.5 per cent yesterday, but not as much as the devaluation in Chinas yuan. A weaker yuan, however, is likely to affect Indias exports, and take away market from domestic producers, with Chinese goods turning cheaper.
Read the full story here
The People's Bank of China's move led to the yuan's 1.9 per cent devaluation against the dollar, taking the Chinese currency to its lowest in almost three years. According to Bloomberg, this was the biggest one-day loss since China unified official and market exchange rates in 1994.
The rupee was down 0.5 per cent yesterday, but not as much as the devaluation in Chinas yuan. A weaker yuan, however, is likely to affect Indias exports, and take away market from domestic producers, with Chinese goods turning cheaper.
Read the full story here
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