TURMOIL has become a commonplace of financial markets in recent summers. This one is no different. An unexpected devaluation of the yuan this week fuelled fears about the state of China’s economy, setting off falls in commodities and emerging-market currencies. Stockmarkets in Europe and America wobbled. Copper hit a six-year low; oil is below $50 a barrel; Malaysia’s currency is at its lowest level since the Asian crisis in 1998. Even Canada is flirting with recession.
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