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US in wait-and-see mode on China's yuan devaluation

China's central bank on Tuesday devalued its yuan currency by nearly two percent against the US dollar, as authorities seek to push market reforms and bolster the world's second-largest economyThe United States warned China on Tuesday to push on with reforms to its exchange rate policy, saying it was too early to judge its devaluation of the yuan. In the first reaction from Washington to the People’s Bank of China’s nearly 2.0 percent cut in the yuan versus the dollar, the US Treasury pressed for a more flexible exchange rate that reflects the market. “While it is too early to judge the full implications of the change in the PBOC reference rate, China has indicated that the changes announced today are another step in its move to a more market-determined exchange rate,” the Treasury said.

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