Renminbi Devaluation Triggers Concerns of Currency War

USDCNY continued to move higher on Thursday after PBOC cuts renminbi's (CNY) reference rate by -1.9%. This move has triggered concerns of the revival of a currency war which might deteriorate global economic growth. Market sentiment damped, sending Wall Street lower (DJIA and S&P 500 losing -1.21% and -0.96% respectively.

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