China

A Cheaper Yuan Won't Help China

Beijing needs to get its economic house in order, rather than counting on a boost to exports.

Exports make up a much smaller part of the economy than before.

Photographer: ChinaFotoPress via Getty Images

Fears that China may spark a currency war by devaluing its currency have hammered stocks both at home and abroad, helping to send the Shanghai bourse into bear territory. That's only one reason Chinese leaders should think twice about driving down the yuan, though. The other is that it probably won't work.

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