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Warning sign: China's currency at 5-year low
China's leaders continue to worry about the country's economy. The rest of the world should too. On Wednesday, China's central bank weakened the yuan to its lowest level in five years. The actual cut was small: only about 0.3%. It didn't send world markets into a downward spiral like in August, when China devalued its currency by nearly 2%, or in early January, when it cut by about 0.5%. Nevertheless, it's a warning sign. "Whether China stress reemerges is a key unknown," wrote the economics team at Deutsche Bank Research Wednesday. China's Communist Party still claims the country is growing 6.5% to 7% a year. ... (full story)