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China Moves to Devalue Yuan, U.S. Dollar Bounces

Currencies in Asia tumbled and stocks in China fluctuated after China's central bank devalued its tightly controlled currency.
The central bank's move sent the yuan down 1.6% against the U.S. dollar early Tuesday. The U.S. dollar rose to as high as 6.3299 Chinese yuan from its close 6.2136 late Monday.
The move comes after disappointing Chinese trade data over the weekend cast doubt on the economic health of the world's no. two economy. It also follows the International Monetary Fund's recent announcement to delay its decision on whether to include the yuan in its basket of reserve currencies.
The yuan's fixing against the U.S. dollar was lowered 1.9% Tuesday from the previous day, its biggest-ever move in a single day. The yuan is allowed to trade 2% above or below the People's Bank of China's daily reference rate against the U.S. dollar.
China shares wavered between negative and positive, a day after the market posted its largest daily percentage gain in a month. The Shanghai Composite Index was last down 0.1% while the smaller Shenzhen market was up 0.3%.
A weaker yuan could threaten other economies in the region that compete with Chinese exports, and the move sent other currencies in Asia lower. A weaker yuan could encourage other central banks in the region to devalue their currencies to stay competitive.
The U.S. dollar rocketed to as high as 1170.80 South Korean won, from 1158.20 late yesterday in Asia. The Korean won was last down 0.8% to trade at 1167.50 to the U.S. dollar.
The Thai baht fell 0.4% to trade at 35.20 to the U.S. dollar while the Singapore dollar fell 0.5% against the U.S. dollar.
The New Zealand dollar and Australian each fell by more than 0.5% each against the U.S. dollar.
Stock markets elsewhere in the region were mixed, following hopes of Chinese stimulus after weak data but a rise in U.S. stocks overnight.
The Nikkei Stock Average was up 0.6%, the S&P ASX 200 is down 0.7% and South Korea's Kospi was up 0.8%.
The recovery on Wall Street as well as expectations for further policy from China to support the economy may help Japan shares, said Hiroichi Nishi, general manager of equity division at SMBC Nikko Securities.
Weak economic data lifted expectations that Beijing would boost spending and continue to prop up the market by buying shares. Talk about a possible merger between China's state-shipping giants revived hopes for reform of state-owned enterprises.
Data Tuesday showed the new yuan loans in China hit a six-year high of 1.48 trillion yuan ($238.3 billion) in July, up from 1.27 trillion yuan in June.
A stronger Japanese yen, often a negative for Japanese exporters, capped the Nikkei's gains. The U.S. dollar traded at Yen124.12, compared with Yen124.61 at late Monday in Asia.
While Brent oil was down 0.5% to $50.14 in Asia trade, prices were up from multi-month lows after on a forecast drop in U.S. shale-oil production and rumors of an emergency meeting of the Organization of the Petroleum Exporting Countries.

Christian institutions garnering support in ObamaCare challenge

Three Christian universities gained allies Monday in their battle against ObamaCare. Among their supporters: 16 state governments.
Those states, along with a handful of other religious rights organizations, filed friend-of-the-court briefs to the Supreme Court supporting Houston Baptist University, East Texas Baptist University, and Westminster Theological Seminary.
Those schools have appealed the Supreme Court to overturn a circuit court ruling that forces them to expand contraception options in their health insurance plans. The Becket Fund for Religious Liberty, the schools’ legal counsel, says the briefs are a major breakthrough.
“This strong show of support for HBU and ETBU (and Westminster Theological Seminary) demonstrates just how important it is that the Supreme Court address the impact of the HHS mandate, particularly on religious groups,” said Diana Verm, Legal Counsel at the Becket Fund, in a statement. “It is especially significant that the 16 state governments are supporting HBU and ETBU at the Supreme Court.”
The case directly challenges the 5^th Circuit Court. That ruling said that the schools were forced to offer all 14 types of contraception spelled out in the HHS mandate of ObamaCare within their health insurance plans. The schools only offered 10 types. They say that the mandate violates their religious freedom. According to the statement, all three schools would have to pay millions in IRS fines if they aren’t allowed exemption.
The Becket Fund identified the 16 states to FoxNews.com as: Alabama, Arizona, Florida, Georgia, Kansas, Louisiana, Michigan, Montana, Nevada, Ohio, Oklahoma, South Carolina, South Dakota, Texas, Utah, and West Virginia.
Other organizations that pledged support include the Ethics and Religious Liberty Commission of the Southern Baptist Convention, the International Mission Board of the Southern Baptist Convention, the Christian and Missionary Alliance Foundation, and all 181 members of the Council of Christian Colleges and Universities.
“Today’s strong support is an indication that the Court is likely to decide in the upcoming term whether religious ministries, like religious for-profits, will receive protection from the Mandate,” the statement said.
Verm told FoxNews.com that many businesses have been exempted from the mandate, and that all religious institutions should be afforded the same opportunity.
"The Supreme Court has already issued five preliminary orders in favor of religious organizations facing this choice, and we expect it to protect HBU and ETBU as well," she said.

Fox News host Megyn Kelly addresses Trump 'dustup'

Fox News Channel’s Megyn Kelly refused to apologize Monday to GOP presidential candidate Donald Trump after he accused her of asking an unfair question during last week’s Republican presidential debate.
“Apparently Mr. Trump thought the question was unfair and I was attacking him,” “The Kelly File” host told viewers Monday. “I felt he was asked a tough but fair question. We agree to disagree.”
While Trump leads recent polls, the former reality television star has drawn heated criticism from many in his own party for saying Kelly had "blood coming out of her eyes, blood coming out of her wherever" during a TV appearance Friday night.
Kelly, who called Trump an “interesting man that has captured the attention of the electorate,” decided not to respond to personal attacks he’d lodged against her, saying “I certainly will not apologize for doing good journalism.”
“Mr. Trump, I expect, will continue with what has been a successful campaign so far,” said Kelly. “This is a tough business and I think it’s time now to move forward.”
Fox News Chairman and CEO Roger Ailes reached out to Trump directly Monday, assuring him he'll be "treated fairly" by the station, Trump tweeted Monday.
"Roger Ailes just called. He is a great guy & assures me that 'Trump' will be treated fairly on @FoxNews. His word is always good!" wrote Trump, whose unorthodox campaign is dominating the race and summertime polls.
In a statement Monday evening, Ailes described the conversation as "blunt but cordial" and said the air had been cleared.
"Donald Trump and I spoke today. We discussed our concerns, and I again expressed my confidence in Megyn Kelly," Ailes said, describing Kelly as "a brilliant journalist" whom he supports "100 percent."
Ailes added that he assured Trump "that we will continue to cover this campaign with fairness & balance."
Trump is scheduled to return to the network Tuesday, with appearances on two of the network's shows, "Fox & Friends" and "Hannity," a Fox News spokeswoman said.

At least 23 arrested on fourth night of demonstrations in Ferguson

Get them off government support and put them to work. 

At least 23 people were arrested in Ferguson, Mo. Monday night as protesters confronted police on a fourth consecutive night of demonstrations to mark the one-year anniversary of the death of 18-year-old Michael Brown.
St. Louis County Police spokesman Officer Shawn McGuire said early Tuesday that police were still confirming official totals.
Despite the arrests, there were no reports of injuries or violence. McGuire also said that there were no shots fired and no burglaries, looting or property damage during the protest.
Sunday night's demonstration was thrown into chaos after by gunfire and a police shooting that left an 18-year-old critically injured. Earlier Monday, St. Louis County Executive Steve Stenger declared a state of emergency, which authorized county Police Chief Jon Belmar to take control of police emergency management in and around Ferguson.
By early Monday evening, hundreds of people had gathered. They marched up and down West Florissant Avenue, the thoroughfare that was the site of protests and rioting after Brown was fatally shot last year in a confrontation with a Ferguson police officer.
The protesters chanted, beat drums and carried signs. When some in the group moved into a traffic lane, officers in riot gear forced people out of the street. Some demonstrators threw water bottles and other debris at officers.

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The St. Louis Post-Dispatch reported that police began to make arrests at around 10 p.m. local time. At that point, the newspaper estimated, there were approximately 50 reporters, 75 cops, and 150 protesters at the scene. At least nine people were accused of resisting or interfering with an arrest. The paper reported that more arrests were made after midnight Tuesday.
Belmar told The Associated Press: "They're not going to take the street tonight. That's not going to happen."
Ferguson resident Hershel Myers Jr., 46, criticized the police response as aggressive and unnecessary.
A military veteran, he added, "It's wrong for me to have to go overseas and fight with Army across my chest, but we can't fight on our own street where I live."
By 1 a.m., the crowd and police presence along West Florissant had been begun to diminish.
In all, approximately 144 protesters were arrested around the St. Louis area Monday. McGuire said that approximately 64 protesters who blocked afternoon rush-hour traffic on Interstate 70 Monday afternoon were arrested. At midday, 57 protesters demanding the dissolution of the Ferguson Police Department were arrested near the federal courthouse in St. Louis.
On Monday morning, prosecutors announced filing of ten felony charges against Tyrone Harris Jr., whom Belmar said opened fire on officers after an earlier shooting on West Florissant late Sunday. The four officers in the van fired back, then pursued the suspect on foot. The suspect again fired on the officers when he became trapped in a fenced-in area, the chief said, and all four opened fire.
Harris was in critical condition Monday after surgery. All four officers in the van, each wearing protective vests, escaped injury. They were not wearing body cameras, Belmar said.
Harris' father called the police version of events "a bunch of lies." He said two girls who were with his son told him he was unarmed and had been drawn into a dispute involving two groups of young people.
Tyrone Harris Sr. told The Associated Press that his son was a close friend of Michael Brown and was in Ferguson on Sunday night to pay respects.
The elder Harris said his son got caught up in a dispute among two groups of young people and was "running for his life" after gunfire broke out.
"My son was running to the police to ask for help, and he was shot," he said. "It's all a bunch of lies ... They're making my son look like a criminal."
Online court records show that Tyrone Harris Jr. was charged in November with stealing a motor vehicle and a gun, as well as resisting arrest by fleeing. A court hearing in that case is scheduled for Aug. 31.
Belmar said the suspect who fired on officers had a semi-automatic 9 mm gun that was stolen last year from Cape Girardeau, Missouri.
The police chief drew a distinction between the shooters and the protesters.
"They were criminals," he said of those involved in gunfire. "They weren't protesters."
Gov. Jay Nixon agreed, saying in a statement that such "reprehensible acts must not be allowed to silence the voices of peace and progress."