China Allows its Currency to Fall for a Third Straight Day
China is allows its currency, the yuan, to drop for a third straight day.
China is allows its currency, the yuan, to drop for a third straight day. But the drop was smaller than the previous two days. The move triggered concerns over a currency war to boost China's exports. Recent economic data has seen a decline in Chinese exports, adding to the worries that the world's second largest economy is headed for a prolonged recession. Cisco (CSCO) revenue and profit grew in the recent quarter. Both services and software were strong. The new CEO Chuck Robbins says the company's results show that its new initiative are taking hold. SunEdison (SUNE) has announced a joint venture with Dominion (D) for a solar project in Utah. The project is called 'Four Brothers' and the companies together will invest $650 million in it.
