China central bank has devalued the national currency of Yuan to its lowest rate against US dollar in almost three years. The lender says the move was one of depreciation of 1.9 percent in a move to make the exchange more market-oriented. It comes in the week of extreme weak economic data of the world's second largest economy. It's also raised fresh concerns fro Australia's resources sector, with * miners say it has the potential to further damage an already shakey mining industry. And news of Yuan's devaluation so global market fall sharply, as investors are now worried about the strength of China's economy. The Dow lost 212 points. The Nasdaq fell 1.3 percent. While the S&P 500 was down 1 percent. In London, the FTSE also fell 1 percent. Checking commodity prices. West Texas Crude is trading at 43 US dollars a barrel. Tapis Crude at 50 US dollars a barre, and Gold is trading at 1109 US dollars an ounce. The Australian dollar is currently buying 73 US cents, 66 Euro cents, and 47 pence sterling.