China has allowed its yuan to break through 7 against the dollar for the first time since 2008, but it insisted the move is not “competitive devaluation.” “As a responsible big country, China will abide by the spirit of the G20 leaders’ summit on the exchange rate issue, adhere to the market-determined exchange rate system, not engage in competitive devaluation, and not use the exchange rate for competitive purposes and not use the exchange rate as a tool to deal with external disturbances such as trade disputes,” The People’s Bank of China governor Yi Gang said in a statement on Monday. The onshore Chinese yuan ... (full story)