As U.S. stocks reverse yesterday’s upward path, turning negative today by more than 1 percent during the afternoon and taking the Dow Jones Industrial Average negative on the year, China’s devaluation of its currency is overblown, according to institutional investor reports.

China’s move last night to devalue the renminbi, viewed as an additional measure to prop up its economy by making its exports cheaper, is viewed very differently by Capital Economics.

 
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