The New York Times reports, "The central bank set the official value of the renminbi nearly 2 percent weaker against the dollar. The devaluation is the largest since China's modern exchange-rate system was introduced at the start of 1994. China's abrupt devaluation is the clearest sign yet of mounting concern in Beijing that the country could fall short of its goal of roughly 7 percent economic growth this year. Growth is faltering despite heavy pressure on state-owned banks to lend money readily to companies willing to invest in new factories and equipment, and despite a stepped-up tempo of government spending on high-speed rail lines and other infrastructure projects."
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