A move by China’s Central Bank to cut guiding rate for the national currency, the Yuan, has sent shockwaves throughout the Asian markets.

After Tuesday’s record 1.9% devaluation, the Yuan has fallen to another 1% on Wednesday, marking the biggest two-day lowering of its rate against the dollar in more than two decades.

The bank has since sought to calm fears, saying it was not the start of a sustained depreciation.

The new rate is meant to boost exports



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