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The U.S. Treasury Department is cautious regarding the yuan devaluation.
"While it is too early to judge the full implications of the change in the [People's Bank of China] reference rate, China has indicated that the changes announced today are another step in its move to a more market-determined exchange rate," a U.S. Treasury Department spokeswoman said.
The U.S. Treasury Department encourages further monetary policy changes in China.
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