China’s “semi-historic” devaluation is rippling across financial markets this morning, taking the Canadian dollar down with it, among others.
Other commodity-linked currencies, like the Australian and New Zealand dollars, are also being hit, even moreso than the loonie.
The move by China’s central bank today is hurting such currencies because the country is such a big importer of commodities. When its currency tumbles, it loses buying power.
https://www.theglobeandmail.com/report-on-business/top-business-stories/disquiet-on-the-western-front-the-tories-and-oil-shocked-alberta/article25861276/