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China’s Devaluation of Yuan Jolts Global Markets

Aug 12 , 2015

The Wall Street Journal reports, "Financial markets have reacted to signs that Chinese authorities believe it is necessary to act to boost flagging growth, said Ewen Cameron Watt, chief investment strategist at BlackRock's Inc.'s Investment Institute. "For markets today it's a case of shoot first, ask questions later," said Mr. Watt, whose firm oversees $4.7 trillion in assets. A weaker yuan could hurt the competitiveness of firms outside China by making their goods and services relatively more expensive, while companies that generate sales in China could find revenue and profit generated in yuan are worth less in their home currency." 

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