Chinese developers to suffer little from yuan devaluation - S&P

Standard & Poor's said on Friday the magnitude of yuan devaluation is not significant enough to cause a deterioration in the credit profile of Chinese property developers, as it expects the currency to depreciate only by a low single digit. China's central bank devalued the yuan in a surprise move on Tuesday, driving the currency to a 4-year low and raising concerns over a spike in financing costs for developers with high overseas debt ratios. The Chinese currency has lost some 3.1 percent since