China weakens yuan amid economic and reform boost

China's central bank on Tuesday devalued its yuan currency by nearly two percent against the US dollar, as authorities seek to push market reforms and boost the world's second-largest economy. The surprise move marked the biggest drop since China reformed its currency system in 2005 by un-pegging the yuan -- also known as the renminbi (RMB) -- from the greenback. The People's Bank of China (PBoC) set its daily reference rate for the yuan at 6.2298 to $1, compared with 6.1162 yuan