US STOCKS-Wall St set to fall again amid China-induced selloff

miércoles 12 de agosto de 2015 09:07 GYT

* Chinese yuan hits four-year low

* Too early to judge Chinese currency policy-NY Fed's Dudley

* Alibaba falls after revenue growth slows

* Automakers slip further after yuan falls further

* Futures down: Dow 124 pts, S&P 14 pts, Nasdaq 33 pts (Adds details, comment, updates prices)

By Tanya Agrawal

Aug 12 (Reuters) - Wall Street was set to open lower for a second day in a row on Wednesday as China pushed the yuan lower again, exacerbating fears about a global economic slowdown.

The yuan hit a four-year low against the dollar, its weakest since August 2011, after the Chinese central bank set its daily midpoint reference at a level even weaker than Tuesday's devaluation.

A cheaper yuan reduces the competitiveness of companies outside of China as it makes their goods and services more expensive, while reducing the value of revenue they generate in the country.   Continuación...