China devalues yuan by the most in two decades

China's central bank (PboC) lowered (devalued) the midpoint of its currency band by 1.9 percent in an aggressive step to seemingly bolster its economy and markets. Is this a sign that China is in a hard landing and does it get worse from here? in some ways it is simply the recognition that its managed currency peg to the U.S. dollar is a farce. China argues that this is simply an adjustment to become a more market oriented currency. The U.S. may argue that this is the opening of a currency war and China's reassurances are simply a cover to compete with other effective devaluations in Asia and Europe, at the expense of the U.S, China has been struggling and likely is not finished with its "unconventional" stimulus measures, says Voya Global.