New Delhi, Aug 12 (KNN) World economies, including India, will have to take note of Chinese currency devaluation designed to avert slowdown in its economy and exports, Chief Economic Advisor Arvind Subramanian said.
 
While speaking to the reporters on the side-lines of an event today, he said, “There is no doubt that China is responding to its own internal development of slowing down of growth and exports in order to give its economy a boost. All of us policymakers around the world, including India, have to take notice of this action.”
 
Subramanian said China, on the one hand, has devalued the currency and taken measures aimed at reducing the spread between onshore and offshore rates. 

"This action is both an endeavour to make their yuan a more plausible credible candidate for inclusion in the SDR basket," he said. (KNN Bureau)