China devalued its currency Tuesday, driving it to its biggest one-day drop in more than twenty years. The move took global currency markets by surprise. But what does it mean for the rest of the region? HPR’s Bill Dorman has more in today’s Asia Minute.
A weaker currency makes a country’s exports cheaper while boosting the price of imports.
That’s the way the economics work. The politics are more complicated. Especially when it comes to China.