Currency War? China Devaluates Yuan in Response to Western Rating Agencies

Analysts pointed out several factors that have driven the yuan down. One of the most important among them is strengthening the dollar on expectations of a referendum of Britain leaving the European Union. The vote will take place on June 23.

Some analysts see the recent step to devaluate the yuan as part of its correction ahead of the possible interest rate hike by the US Federal Reserve.

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