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China to California: The ripple effects of devaluing the yuan




A man reads a newspaper reporting that China's central bank or People's Bank of China announced the 2015 edition of the 100 renminbi notes will be issued starting from November 12, at a stand in Beijing Tuesday, Aug. 11, 2015. China devalued its tightly controlled currency on Tuesday following a slump in trade, triggering the yuan's biggest one-day decline in a decade. (AP Photo/Andy Wong)
A man reads a newspaper reporting that China's central bank or People's Bank of China announced the 2015 edition of the 100 renminbi notes will be issued starting from November 12, at a stand in Beijing Tuesday, Aug. 11, 2015. China devalued its tightly controlled currency on Tuesday following a slump in trade, triggering the yuan's biggest one-day decline in a decade. (AP Photo/Andy Wong)
Andy Wong/AP

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Chinese economists say devaluing the yuan, the nation's currency, is an attempt to help stabilize the country's sluggish economy. But that means Chinese tourists will spend less, and that could have a huge impact on California.

Gabriel Wisdom, president of American Money Management in San Diego, joined the show with more.