SHANGHAI -- Friday marks two years since China shook the world with three consecutive devaluations of the yuan. The move triggered capital flight and downward pressure on the yuan, keeping Chinese authorities on the guard ever since.
The currency is only just beginning to steady after China in May changed the way it calculates the yuan's daily reference rate against the dollar. The introduction of a "countercyclical factor" into the decision-making has reduced exchange-rate volatility, at the expense of pushing back its goals of making the yuan a freer international currency.
