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Yuan fall sharpens export edge of Chinese steel to global concern

Cyrus P Mistry penned his chairman's statement for Tata Steel a few months before Beijing let yuan go through a three-day fall, which proved to be the sharpest since it became an economic powerhouse. In his statement, Mistry said slowdown in the Chinese economy was a "key" global macro risk with potential to have a "deep impact on the world economy". The world's second largest economy growing at its slowest in 24 years in 2014 at 7.4 per cent and thereafter is negatively influencing "commodity cycle, commodity economies and currencies". China is such ...