Wal-Mart to suppliers: share China savings

BENTONVILLE, Ark. — Wal-Mart is urging suppliers who manufacture goods in China to cut prices, arguing that it should also benefit from the devaluation of the yuan, Reuters has reported. Managers have been in touch with more than 10,000 suppliers over the past few weeks asking for price reductions of 2-6% on items including home furnishings, fashion and beauty, appliances, electronics and toys. The People’s Republic adjusted its closely-managed currency downward by 2% last month in an effort to encourage growth.