| A year ago, the People's Bank of China jolted financial markets by devaluing the Chinese currency. Investors were rattled again when China's yuan — also called the renminbi, or RMB — dropped last fall. They worried that China's economy was weaker than anyone thought and that Beijing was driving down the currency to make the country's exports more affordable overseas.
The currency fell again from April through July and is now down nearly 5 percent over the past year. But investors don't seem so worried anymore. The Associated Press asked Charles Collyns, a former Treasury Department official who is chief economist at the Institute of International Finance, to explain...............................................Full Article: Source
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