The yuan fell by 1.9% against the US dollar on 11 August. At first glance, this engineered devaluation by the People’s Bank of China appeared benign. When Argentina abandoned its peg to the US dollar in 2001, the peso dropped 40% in a day. Switzerland’s move to scrap the Swiss franc’s cap with the euro in January this year caused its currency to rise by than 19%. The yuan’s move, in comparison, looked paltry

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