China

At least 50 people have been confirmed dead following two massive explosions at the port of Tianjin, the 10th largest in the world. The blasts occurred during the nighttime hours on August 12 and were so massive, they were reported to be seen by satellites in space. While authorities say they are still looking into the cause of the explosions, some eyewitnesses say that they saw some shipping containers on fire shortly before the incident. (Reuters)
 
Global markets have taken a hit this week after China’s central bank moved to devalue its currency. Experts say that the yuan has lost 3.5% of its value against the U.S. dollar in China so far this week, and 4.8% of that same value on the international market. Officials in China say the move was intended to help prop up the country’s exporters, but some outside analysts fear the move could also spark a global “currency war.” (Reuters)
 
The International Finance Corporation (IFC) says that a water conservation effort it began in 2013 focused on the textile industry in China has shown impressive results. The IFC says that the program has saved industrial facilities in China over US$18 million in operating costs thanks to a 9 million ton reduction in water consumption. The group says it also has plans to scale up the effort by collaborating with stakeholders beyond the textile supply chain. (Fibre2Fashion) / (IFC)