Devaluation: China’s currency conundrum as slow growth bites
China took bold action on Tuesday, resulting in the biggest one-day drop in the value of its currency since a massive devaluation in 1994. The country devalued the Yuan by 1.9 percent – a fall it said was due to changes aimed at making the way it sets exchange rates more market-oriented. It comes just after new data released showed a weakening of trade in the world’s second-largest economy. Ameera David weighs in.
Then, Ameera is joined by CCTV business reporter Shraysi Tandon. Shraysi tells us what she thinks is the main drivers behind the decision to devalue the Chinese currency and gives us her take on if the government is panicking.
After the break, Bianca Facchinei takes a look at the new agreement struck between Greece and its European creditors. The deal includes securing €86 billion to Greece over a three-year period, as long as they impose a number of economic reforms, like deregulating the natural gas market.
Afterwards, Ameera and Erin Ade talk about Google’s new parent company, Alphabet. Erin tells us why Google is reorganizing and explains why some people have compared the move to Warren Buffett’s Berkshire Hathaway.
And in The Big Deal, Ameera and Edward Harrison continue the discussion on China.
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