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China’s currency has continued to slip this week, keeping global investors on edge.

However, he said he was bargain-hunting in the worst-affected sectors, such as luxury goods, and predicted broader European stock markets should soon stabilize.

It also compounded jitters over China’s financial health after a debt-fuelled stock market bubble burst in June, following a 150 percent surge in the previous 12 months.

The yuan tumbled 1.8 percent, the most in two decades, on the day of the devaluation and declines have since moderated as the PBOC intervened via agent banks and signaled its support for the currency.

China cut the reference rate for its currency for the third straight day, on Thursday after the surprise devaluation of the yuan this week unsettled global financial markets. The PBoC also “dismissed claims it intended to weaken the yuan by 10% to support exports as...

Claiming the Centre is aware of the impact of Chinese yuan devaluation on Indian exports, the Minister said it would take steps to prevent dumping of Chinese good into India.

The People’s Bank of China said the change was aimed at making the tightly controlled yuan more market-oriented. The new exchange rate policy also tallies with the long-standing pledge by China’s leaders to let supply and demand play a “decisive role” in...

“The central bank will frequently intervene in the foreign-exchange market in the next three months because it needs to ensure the yuan is stable”.

In the previous two days, the central rate – around which the yuan is allowed to trade in a band of plus or minus 2 percent – had been marked 1.9 and 1.6 percent lower, respectively.

An environmental expert says evacuation of the area around Wednesdays mammoth warehouse blast in the Chinese port city of Tianjin is the “main priority, ” and warned of the explosions long term consequences.

At least 56 are known dead, among them 21 firefighters, but many are still missing, including dozens of employees of the company that owed the warehouse, according to Xinhua. Authorities said the toll could have been much higher if the disaster hit a more populated area. The...

This week’s surprise devaluation of the yuan, also known as the renminbi or people’s currency, came after the central bank said it wanted the exchange rate to reflect market forces. The spot market opened at 6.3990 per dollar and was changing hands at 6.3996 in the...

China’s move to cut the value of the yuan to 6.3306 to a US dollar from 6.2298 Tuesday signaled Beijing was moving to a more market-determined exchange rate from a de facto peg that had propped up the value of the currency for so long.

The death toll in Wednesday’s inferno and blasts that devastated industrial and residential zones has climbed to 85, including 21 firefighters – making the disaster the deadliest for Chinese firefighters in more than six decades.

Oil traders are bracing for a rapid build-up in inventories in the coming weeks, likely testing Cushing’s storage capacity limits, as refiners shut for spring maintenance; the rise may be swifter than expected due to the unexpected prolonged closure of the biggest crude...