China’s Central Bank has again cut the guiding rate for the national currency, the yuan, a day after Tuesday’s record 1.9% devaluation. The move sent fresh shockwaves through Asian markets, but the bank has sought to calm fears, saying it was not the start of a sustained depreciation. This is now the biggest two-day lowering of the yuan’s rate against the dollar in more than two decades. The commerce ministry said the lower rate would boost struggling exports. Chinese exports fell more than 8% in July, adding to concerns the world’s second largest economy is heading for a slowdown. But the action on the yuan sparked fears of a global and destabilising “currency war”. There has been criticism from the US , where markets fell sharply overnight. One-off? On Wednesday, China’s central bank fixed the “official midpoint” for the yuan down 1.6% to 6.3306 against the dollar. The midpoint […]