Foreign news: Yuan devalued 12 August 2015 5:13PM Banking Day staff Foreign news, The People's Bank of China has devalued the yuan to its lowest rate against the US dollar in almost three years. The 1.9 per cent depreciation takes the yuan to 6.2298 to US$1, compared with 6.1162 previously. The move comes against a background of falling Chinese exports. The central bank said the depreciation would make the exchange rate more "market-oriented".