China's central bank moved to devalue its currency on Tuesday – sending the Australian dollar tumbling with it – as the world's second-largest economy waded into the global currency war to support its faltering economy. The People's Bank of China's surprise "one-off" devaluation of the yuan by a record 1.9 per cent was seen as a two-pronged move to both bolster struggling exports, while moving its currency away from a crawling peg and towards a more market-based rate. "It wants the world to see this as a move to liberalise the exchange rate but on the other hand the real economy is desperately needing a weaker ... (full story)