It’s bad news for countries like Canada and especially B.C. mining companies.
China has devalued it’s currency.
It’s a move likely to boost Chinese exports and improve the country’s flagging economic growth.
However, it’s bad news for places that export to China.
CKNW business analyst Michael Levy says it’ll be a huge hit to commodity-based countries like Canada.
“The hit to our economy is going to be bad because not only do we get the hit to mines and metals but natural gas is also going to take a hit.”
“It’s a huge hit to commodity-based countries, that would be Australia, Canada and just take a look at the price of crude oil today down about 4.25-per cent, natural gas is down.”
China is one of Canada’s largest customers, second to the U.S.