The Traderszone Network

Published in TZ Latest News 10 August, 2015 by The TZ Newswire Staff

U.S. dollar on the rise as China devalues yuan

The U.S. dollar lunged higher on Tuesday as China allowed its yuan to fall to three-year lows, a shift that heightened unease about the world’s second-largest economy even as it promised a much-needed boost to exports. China’s central bank described the move as a “one-off depreciation” of nearly 2 percent, and said it was based on a new way of managing the exchange rate that better reflected market forces. Investors reacted by selling the Australian dollar, often used as a liquid surrogate for the Chinese currency.