PBOC sharply cuts yuan

USD going 1.4 against SGD by today!!!


The People's Bank of China allowed the yuan to depreciate almost 2 percent against the U.S. dollar, sending a shock through currency markets.
In a statement, the Chinese central bank said that it had changed the way it calculated the currency's daily midpoint against the greenback, now taking the midpoint from market-makers quotes and the previous day's closing price.

Dow Jones reported that the yuan quickly fell 1.3 percent against the dollar. The Singapore, New Zealand and Australian dollars, as well as the South Korean won, also dropped against the U.S. dollar in reaction.

This is a breaking news story. Please check back for more detail.

http://www.cnbc.com/2015/08/10/rply-depreciate-to-yuan.html?__source=newsletter|breakingnews

s h i o k ! all rumors about imf approving and inducting the yuan as a global currency is bs. the usd is still the world's safest currency for now. the yuan is now 6.327 to the dollar.

sorry i dont understand
does it mean that now fake china goods are becoming cheaper and if it is cheaper, we shall not expect people to fake them?
very confuse