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China's Yuan Move Could Reignite Asian Currency Wars

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China’s surprise devaluation of the yuan couldn’t have come at a worse time for some Asian currencies.

A measure of the region’s 10 most-traded currencies excluding the yen is set to decline for a third year, its longest losing streak since 1997, amid signs the U.S. will raise interest rates for the first time in a decade. The People’s Bank of China’s cut its reference rate by a record 1.9 percent on Tuesday, triggering a global rout, and lowered it by 1.6 percent on Wednesday. Vietnam widened the dong’s daily trading band.