S&P praises Chinese yuan devaluation

Credit rating agency Standard & Poor's praised China's devaluation of its currency on Wednesday and said the move did not threaten a currency war. "China's surprise move to allow for more exchange rate flexibility makes good economic sense and is not the start of a currency war or an attempt to jump-start growth," S&P said. Beijing on Tuesday surprised global financial markets by devaluing its currency the yuan by nearly two percent against the US dollar.