Impact of China's Yuan Devaluation Will Ripple Through the Seafood Industry
SEAFOODNEWS.COM by John Sackton August 12, 2015
Global markets are reacting again today to the sudden devaluation of the Chinese Yuan. The 2% drop allowed by the Chinese Central Bank was the largest in a decade.
Although the bank intervened to prop up the currency at the end of the trading day in Asia today, market rates for the Yuan dropped another 1.8% and most financial analysts expect the currency will be devalued further.
This has immediately impacted Korea and Vietnam. The Korean won hit a 4 year low, and Vietnam doubled the range of its currency band...
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