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China's yuan devaluation goes against globalization

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100-yuan notes   © Reuters

BEIJING -- China's surprise move on Tuesday to devalue its currency is clearly aimed at supporting the nation's struggling exporters. Beijing's downright attempt to manipulate the exchange rates as an economic policy tool is bound to draw international criticism as it runs counter to its stated goal of globalizing the yuan.

     In a statement released the same day, the People's Bank of China said the move is intended to ensure that "the yuan's exchange rates be in conjunction with demand and supply condition in the forex market and exchange rate movement of the major currencies."

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