China devalues Yuan to boost economy

The People's Bank of China, the country's central bank, has devalued the nation's currency to its lowest rate against the US dollar in nearly three years.

The PBOC sets the exchange rate using the official midpoint, from which trade can move 2% up or down on any given day.

The PBoC has been under mounting pressure to further ease its policies and stimulate the economy after a raft of disappointing data released over the weekend pointed to slowing production and falling exports.

It appears that Chinese leaders have become concerned about the economy losing competitiveness as the Yuan, or Renmibi as it is officially known, has climbed in relation to other currencies such as the euro and the Japanese yen.