The Australian dollar was slammed again on Wednesday as Chinese authorities once again devalued its currency against the US dollar. 
The dollar had recovered slightly on the back of an unanticipated surge in domestic consumer sentiment on Wednesday morning to reach US73.2&cent;, before the Beijing lowered the midpoint of its yuan currency by 1.6 per cent to 6.3306 per US dollar.
This caused the dollar to drop almost more than full cent to US72.1&cent;, within minutes, mirroring a fall seen on Tuesday.
China began devaluing its currency against the US on Tuesday by dropping it 1.9 per cent against the US dollar, the biggest drop on record. At the time, the People's Bank of China described it as a "one-off move".
The Australian dollar on Tuesday fell from an intra-day high of US74.36&cent; to US73.17&cent; and all the way to US72.85&cent; overnight.
More to come