Chinese economy crisis - devalues for the second time in two days

 
Chinese economy crisis - devalues for the second time in two days
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China again devalues its currency yuan, this time with 1.62 per cent against the US dollar.

On Tuesday, China's central bank devalued by 1.9 percent against the dollar, which resulted in a fall in stock markets in both the US and Europe.

Simultaneously oil prices fell to the lowest in six years and the price of North Sea oil for delivery in September fell by $1.23 to $49.18 a barrel.

The price of US light crude oil for delivery in September fell by $1.88 to $43.08 a barrel in New York, and not since March 2009 the price has been lower.

The Chinese central bank described Tuesday's devaluation as a one time action. Just a day later Xinhua news agency reports of another devaluation.

Analysts believe the actions are meant to help exports, which fell by 8.3 percent in July.

Companies that trade with China was particularly hard hit by Tuesday's devaluation, and the IT giant Apple's shares fell 5.2 percent on Wall Street.

Analysts believe this could have serious consequences if it continues, but so far they are not deeply concerned.

But if it's the start of something more, then it would mean a lot for the rest of the world. China has become an important export market for many countries in the West.

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