Weaker yuan punishes oil, copper and corn imports

Seoul

CHINA'S market turmoil is kicking commodities when they're down.

The central bank on Thursday cut the yuan's daily reference rate by the most since August, guiding the currency lower amid tepid growth. While that may help stimulate the flagging export sector, it'll make everything from oil to copper and corn costlier to import into the world's biggest user of energy, metals and grains. Additionally, more overseas shipments of surplus raw materials such as steel and diesel will add to oversupplied global markets.