China's currency move will hurt one country more than any other

There is one country that stands to suffer more than any other from China's decision to devalue its currency: Brazil. China is Brazil's largest export market, gobbling up 50% of the iron ore, oil, and other commodities that the South American nation sends around the world. The devaluation of the yuan threatens to lower the already record low prices of those commodities. "Our commodity team has estimated that a 1% move in CNY is associated with a 0.5-0.6% decline in USD commodity prices," said...