Beijing, 13 ago (PL) Chinese citizens are witnessing today the highest devaluation of their currency, after the Central Bank of China depreciated the renminbi (RMB) or yuan by 1.86 against the US dollar, the highest devaluation since January 1994.
The measure taken by the financial institution has affected the global economy and the price of US oil, because many investors see China's initiative as a sign of weak growth of the world's second largest economy.

However, the decision by the Central Bank of China to improve the parity of the renminbi to the US dollar so that it can better reflect the market's situation is aimed at increasing the country's competitiveness, according to experts.

At the same time, the Dow Jones Index decreased 1.2 percent, to 17,402.84, losing most part of its profits in the previous session, while the S & P 500 index dropped 1 percent, to 2,084.07, and the Stoxx Europe 600 closed 1.6 percent down compared to the opening,

Oil prices decreased 4 percent on Tuesday, after China devaluated the RMB, and the Organization of Oil Exporting Countries (OPEC) made a positive prediction and maintained a high production despite the decrease in prices.

The US oil to be delivered in September lost 1.95 dollars, or 4.3 percent, being quoted at 43.01 dollars per barrel on Monday.

The Central Bank of China reduced the RMB's rate from 6.1162 to 6.2298 RMB per dollar on Tuesday.