China yuan drops 4% in two days

China yuan has dropped by 4% in two days to 6.445 to 1 USD. This was the level back in 2011

This drop is effecting other currencies and commodities and stock markets.

“China’s yuan move is recalibrating Asian currencies,” said Vishnu Varathan, a Singapore-based economist at Mizuho Bank Ltd. “If the yuan drops another 5 percent to 10 percent, then 4.20 for the ringgit isn’t far-fetched.”

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