Asian shares mostly lower after China devaluation

<p>The Chinese currency lost 1.9 per cent from the previous day.</p>

Asian markets slid after China's surprise two per cent devaluation of the yuan today (August 11th), which pushed the dollar higher and left investors worried about the implications of the move.

The Chinese currency lost 1.9 per cent from the previous day, leaving it at 6.2298 to the US dollar.

The devaluation was the latest effort from the Chinese government to revive the country's economy and support trade after fresh data revealed exports fell by 8.3 per cent in July. 

The People's Bank of China said that the way it sets exchange rates would now become more market-oriented, hitting at the possibility of more declines in the future.

Meanwhile, the Greek government announced it has struck a bailout deal with creditors aimed at securing around €86 billion (£61 billion) over three years in return for economic reforms.

The China's Shanghai Composite Index lost 0.4 per cent to 3,912.86 while the Hong Kong's Hang Seng gained one per cent to 24,755.51. Tokyo's Nikkei 225 slid 0.9 per cent to 20,624.96 and Sydney's S&P/ASX 200 edged down 0.7 per cent to 5,470.50. Seoul's Kospi remained flat at 2,003.35. 

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