Yuan Continues to Slide, Biggest two day Loss in Decades

The Chinese currency is sliding for a second day as China continues to let it devalue. China's Central Bank allowed the slide to continue with the yuan dropping sharply against the U.S. Dollar, sparking the currency's largest two day decline in decades. The People's Bank of China said in a statement that it would work to keep the exchange rate 'basically stable' and there is no reason to believe the currency will continue to depreciate. GE (GE) is selling its healthcare financial services U.S. lending business to Capital One (COF) for $9 billion. The deal follows others with a similar goal of refocusing GE on its industrial roots. Fossil (FOSL) has cut its outlook as revenue disappoints. Fossil says it is facing currency headwinds.