China's Devaluation Can't Be Good News

Arguments that it's benign don't hold up.

Is there something to celebrate?

Photographer: Feng Li/Getty Images

As you've no doubt heard, China has devalued its currency. The exchange rate between the yuan (also known as renminbi, or RMB) and the dollar is always controlled by the Chinese government, which sets a value and allows the rate to trade in a narrow band around that value. On Tuesday China moved its target by about 2 percent, then followed up with a second devaluation the next day: 

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