Yuan Devaluation Necessary Step for China, Reinhart Says

Aug. 12 -- Carmen Reinhart, an economist at Harvard University's Kennedy School of Government, talks about the devaluation of the Chinese yuan and its impact on financial markets, currencies and the global economy. Reinhart, speaking with Betty Liu and Pimm Fox on Bloomberg Television's "Bloomberg Markets," also discusses commodity price cycles , Chinese lending to emerging-market economies and Federal Reserve policy.

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