Global markets in a turmoil as China devalues currency
The World’s No.2 economy seems to be in a crisis and has steeply devalued its currency ‘Yuan’.
This has led to turmoil in global economies all over the world with sharp fall seen in US stock markets. The copper prices also fell to an all-time low.
The devaluation reflects the slowdown in the Chinese economy and concerns regarding its ambitious goal of a growth of 7% this year.