Emerging Assets Weaken after Yuan Devaluation

Emerging market currencies tumbled on Tuesday in the wake of China's record 1.9 percent currency devaluation, which took offshore-traded yuan 2.5 percent lower and rekindled fears for growth in the world's No. 2 economy.
  China's central bank cut the yuan's daily fix, effectively devaluating it against the dollar after data released on the weekend showed an 8.3 percent slump in Chinese exports. Bigger moves down in the more freely traded offshore yuan pushed the spread between it and its onshore counterpart to its widest in more than 10 months.