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Chinese yuan (Teh Eng Koon / AFP / Getty)

China Devalues Yuan as Stocks Crash

With China devaluing its currency, stocks crashing 3 percent and capital flight accelerating, China has cut bank its bank reserve requirements to free up $100 billion in credit.

HONG KONG-CHINA-ECONOMY-CURRENCY

China, in Freefall, Devalues Its Currency the Yuan Again

The People’s Bank of China (PBoC) weakened the yuan against the dollar for a third consecutive day on Thursday, following reports the central bank intervened to stem the currency’s sharp slide late on Wednesday.

REUTERS/PETAR KUJUNDZIC

Barclays Bank Says China Capital Flight Twice as Big as Russia’s

Barclay’s Bank estimates that despite a hot stock market, the China suffered $300 billion in capital flight and is facing its first foreign exchange liquidity crisis since 2000. The news follows a report that China’s GDP is experiencing negative growth in real terms, thanks to collapsing domestic demand.