Yuan devaluation boosts Chinese shares, hurts other markets

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 bolster the world's second-largest economy. The surprise move marked the biggest drop since China reformed its currency system in 2005 by unpegging 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