Graphic | How China Is Trying to Stabilize Its Economy China’s devaluation of the renminbi was the latest in a series of moves over the past two months to help boost the slowing Chinese economy.
Just last week, the International Monetary Fund said that the renminbi was not quite ready for inclusion in the basket of currencies the I.M.F. uses for “special drawing rights,” a reserve asset that currently is a mix of dollars, euros, yen and pounds. Christine Lagarde, the organization’s managing director, said China needed to make its currency more “freely usable.” And the policy change on Tuesday, by moving closer to a world in which markets determine its price, is a step in that direction.