China's market-rattling currency devaluation, explained through bacon

China&#039;s currency manipulation, explained through bacon

(Image credit: The New York Times/Screenshot)

published 21 August 2015

When China devalued the yuan, or renminbi, last week, global markets went haywire. So did Donald Trump, who predicted that China's "big cut in the yuan" is "going to be devastating" for the U.S. (James Pethokoukis disagrees.) But the finer points of foreign exchange markets usually fall somewhere between baffling and sleep-inducing. Jonah M. Kessel at The New York Times brings China's currency moves down to the human level — or, more accurately, the porcine level.

If you have 5 minutes and want to better understand what China's doing with the yuan and why, watch below. Peter Weber

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Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.