BEIJING (AP) -- China's tightly controlled currency, the yuan, has slid by an unusually large margin after Beijing altered its exchange rate policy following a slump in trade.
The central bank said Tuesday's fall was the result of a change aimed at making its exchange rate controls more market-oriented.
The currency fell 1.3 percent against the U.S. dollar from Monday's rate. That was small compared with the daily fluctuations of some other major currencies but the yuan's biggest one-day decline in a decade.
The announcement comes after July exports contracted by an unexpectedly large margin of 8.3 percent from a year earlier, possibly hurt by a strong yuan that makes Chinese goods more expensive in foreign markets.