| China's ascent to the ranks of global economic superpowers is one of the most compelling rags-to-riches stories of our time, but its rise has hardly been smooth sailing. In particular, as China's economic clout grows, gyrations in the country's tightly-managed currency have acquired the power to roil world markets and wipe billions off global stock prices.
Take last August when the world's second-largest economy rattled global investors with a surprise devaluation that guided the normally stable yuan down nearly 5 per cent over a week, causing its biggest one-day loss in two decades...............................................Full Article: Source
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