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China's Yuan Devaluation Creates This Profit Play for U.S. Oil Investors
When the People's Bank of China (PBOC) cut the value of the yuan by 2% on Tuesday, it was the biggest one-day drop for the currency in more than 20 years.
Crude oil and stocks sank on Tuesday, as well, with oil scraping six-year lows.
Tuesday's action would have been enough... but then the yuan dived over again on Wednesday, despite PBOC efforts to prop it up, triggering even more turmoil.
When the People's Bank of China (PBOC) cut the value of the yuan by 2% on Tuesday, it was the biggest one-day drop for the currency in more than 20 years.
Crude oil and stocks sank on Tuesday, as well, with oil scraping six-year lows.
Tuesday's action would have been enough... but then the yuan dived over again on Wednesday, despite PBOC efforts to prop it up, triggering even more turmoil.