In 1994, the currency of the African nation of Benin was devalued by 50%, and the country subsequently suffered under inflation of 55%.
Yet why did China devalue, and what is this likely to mean for Africa?
3. China has not devalued its currency dramatically, despite the recent headlines.
Just two weeks ago, the country surprised the world by allowing the yuan to devalue.
Skyrocketing costs And then there’s the triple-whammy of the severely devalued rouble.
581868 Realize that this tragedy is part of a larger system that devalues black lives.
He said this devalues the vital work junior doctors do in the evenings and at weekends.
Earlier on Wednesday, the government devalued the yuan, sparking a sell-off on the markets.
Analysts also rued a potential “currency war” if other economies seek to devalue currencies.
A falling yuan raises the risk that other countries will devalue their currencies to catch up.
Following a slew of poor economic data, Beijing devalued the yuan in a surprise move last week.
China devalued the yuan earlier in August, by pushing its official guidance rate down 2 percent.
The latest trouble started Aug. 11, when Beijing unexpectedly devalued China’s currency, the yuan.
Zimbabwe’s currency, one of the most devalued in the world, was effectively abandoned six years ago.