In a bid to shore up domestic exporters, China has devalued its currency for a second day—the renminbi was down 2 percent yesterday, and 1.6 percent today.
The sudden devaluation has caught investors and analysts by surprise. China is fed up with its declining exports, but Beijing's growing regional competitors may not take this lying down—something that could spark an Asian currency war, if not a global one.
Here to explain is Mark Gilbert, a columnist for Bloomberg View.
