China Currency Critics Blast New Devaluation, But Others See Market Shift

U.S. lawmakers and interest groups critical of China's exchange rate policies are blasting Beijing's move Tuesday (Aug. 11) to devalue its currency by nearly 2 percent relative to the U.S. dollar, saying it illustrates the need for the U.S. government to take steps to counteract currency manipulation, including by seeking binding disciplines in the Trans-Pacific Partnership (TPP). In a flurry of separate statements, these lawmakers and groups alleged that move by the People's Bank of China (PBOC) was deliberately aimed...