China's long march to currency reform takes a step forward

China's currency devaluation is a step in the long march to a more open regime for the yuan, analysts say, but authorities will need to further loosen their controls to promote long-term growth. The central bank on Tuesday unveiled a near two percent devaluation of the yuan, saying the move was part of broader economic reforms aimed at moving towards a more flexible exchange rate. The suddenness and scale of the devaluation in a normally stable unit rocked global financial markets, as inves