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BEIJING, CHINA – To say Chinese business people are losing their shirts may not be just a cheap way to get into the weeds concerning devaluation of the Chinese yuan, and what it means to us in the U.S.
For two days running, the Chinese government devalued its currency that had been holding its own against the dollar and other major currencies for most of this century, even though market forces should have been forcing it down.
So, Beijing did some hocus pocus that will let the yuan make big moves up or down, depending on how investors feel about its strength or weakness.
A weak yuan compared to the dollar means Chinese goods will be cheaper over here, things like cars, computers, and clothing. But it also means U.S. goods will cost more over there.
Apple, for example, makes iPhones and iPad in China. A weak…
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