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The horrific explosions at the industrial port city of Tianjin and China's imploding economy show the government at its worst. China's highly touted "model" is broken and faces its day of reckoning. At last count, Wednesday's explosions in Tianjin had killed 50, including 12 firefighters. More than 500 people were hospitalized, 71 in critical condition, according to CNN. Dozens of people were missing. The government has been heavily criticized for its response and for clamping down on information about the tragedy. But it's been doing the same with the economy for years — exaggerating its growth rate and vibrancy, and...

China stunned the world’s financial markets on Wednesday by devaluing the yuan for the second day running, sparking fears that the world’s second largest economy is in worse shape than investors believed. The currency hit a four-year low on Wednesday after the People’s Bank of China set the yuan’s daily midpoint even weaker than in Tuesday’s devaluation. With the bank having said that Tuesday’s move was a “one-off depreciation”, the rapid drop in the value of China’s currency – around 4% in the last two days – dealt a blow to appetite for risky assets, and markets across the region...

The dollar fell 0.6 percent against a basket of currencies on Wednesday, coming under pressure as Treasury yields dropped on doubts over whether the U.S Federal Reserve will raise interest rates in the wake of China's devaluation of the yuan. The yuan extended its losses, dragging the growth-linked Australian and New Zealand dollars to six-year lows with it, while another set of disappointing Chinese data bolstered safe-haven currencies such as the yen. The euro, meanwhile, rose, helped by the unwinding of euro-funded carry trades in the yuan EURCNH=. The single currency hit a one-month high of $1.11385 EUR=EBS, up 0.8...

The "one-off" adjustment has now reached its 3rd day as The PBOC has now devalued the Yuan fix by 4.65% back to July 2011 lows. The PBOC seeks to reassure... -CHINA PBOC SAYS YUAN REMAINS STRONG CURRENCY IN LONG-TERM -PBOC SAYS THERE IS DEMAND FOR DEVALUATION OF YUAN VS USD -PBOC CHANGE OF YUAN MECHANISM RELATED TO JULY CREDIT: ZHANG -PBOC SAYS YUAN CHANGE IS BENEFICIAL TO LONG TERM STABILITY -PBOC SAYS YUAN EXCHANGE RATE ADJUSTMENT ALMOST COMPLETED *YUAN RATE ADJUSTMENT POSITIVE TO CONFIDENCE IN YUAN: PBOC'S YI *NEW YUAN MECHANISM `POSITIVE' TO INTERNATIONALIZATION: PBOC YI *PBOC SAYS NO BASIS...

China Marks the Yuan Lower a Third Time USD/CNY closed Wednesday at 6.3870 and its fixing was at 6.3306 By Ewen Chew Updated Aug. 12, 2015 9:26 p.m. ET 0122 GMT [Dow Jones] China’s central bank has adjusted the daily yuan benchmark weaker for a third day, moving the USD/CNY fixing to 6.4010 from 6.3306 on Wednesday. The move sent proxy currency pairs USD/KRW and USD/SGD higher, but not by much yet. Traders are awaiting the USD/CNY spot market opening in a few minutes to cement conviction that Asian currencies are going to fall again.