China Weakens Yuan Reference Rate by Record 1.9% Amid Slowdown

China Weakens Yuan Reference Rate by Record 1.9% Amid Slowdown > AUDUSD down 1.3%. As we have been saying for the past week, China had to move on Yuan as their economy slowed, manufacturing struggled and US rate cycle looks to turn up. We expect more devaluations to come over time and bring down AUDUSD further to mid 60's. Health Care and Resources sector to benefit from falling AUDUSD. (VIEW LINK)