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For the third day in a row, China’s central bank on Thursday devalued the currency, the renminbi, this time by 1.1 percent against the dollar.
The total devaluation since Tuesday is 4.4 percent, the biggest drop in decades.
Government officials, in an unexpected news conference on Thursday, stressed that the currency was not in free fall.
Global markets appeared to respond to the assurances. The Shanghai composite index ended the day higher.
The devaluation reflects weakness in the Chinese economy.
A weaker currency would make goods more affordable for overseas buyers, but it risks tensions with trading partners like the United States.