HONG KONG -- Quietly and unobtrusively, the Chinese yuan has devalued more than 5% in trade-weighted terms so far this year. It skidded down to 6.70 against the dollar for the first time since 2010 early this week, in spite of Premier Li Keqiang's repeated claims that the country would refrain from entering a currency war.
Forex experts saythat the weakening of the yuan will continue, considering China's need to alleviate its corporate debt burden, while expectations prevail that the greenback will strengthen.
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