By Nicole Tanenbaum, Principal and Steve Florance, Director of Research & Strategy Group, Robertson Stephens Advisors

In an unexpected move, the People’s Bank of China surprised the world yesterday by implementing a nearly 2% depreciation to the yuan, the most dramatic one-day change in two decades. While the Chinese central bank argued that the devaluation was a market-driven move, the impact of a weaker currency is supportive for a still growing, yet decelerating economy. The investment landscape has been volatile with global equities down broadly more than 2%.