China has cut the value of the yuan against the dollar for a second day running and it is now at a four-year low.
Spot yuan fell from 6.39 per US dollar yesterday to just 6.43, its weakest point since August 2011.
The central bank, which had described the devaluations as a one-off step to make the yuan more responsive to market forces, sought to reassure financial markets that it was not embarking on a steady depreciation.
However, the moves have sparked fears of a global currency war and raised concerns that Beijing is looking to support its struggling exporters.