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Beijing will hold fire on yuan devaluation

China has allowed its currency to weaken but won't use it as a weapon -- yet

| China
Beijing has reasons to keep the yuan broadly steady.   © Reuters

After the yuan's recent sharp decline, markets are nervous that China intends to wield its currency as a weapon in its trade tussle with the U.S. The worries are understandable but overblown. Beijing stands to lose more than it would gain by devaluing the yuan.

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