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World haunted by heavy reliance on China

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Traders work on the floor of the New York Stock Exchange on Aug. 11. China's surprise devaluation of the yuan that day jolted the global markets.   © Reuters

TOKYO -- The fortunes of the global economy are ever more intertwined with those of China. And the world is coming to the realization that the Chinese economy is not as invincible as it once seemed.

     Misconceptions are complicating matters. The Chinese central bank on Aug. 11 abruptly devalued the yuan in a move widely seen as an attempt to expand exports, amid a stock market collapse and slowing gross domestic product growth. This triggered a series of currency devaluations in other emerging economies and threw their stock markets into confusion.

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