China's currency fell further Wednesday following a surprise change in its exchange rate mechanism that rattled global markets and threatens to fan trade tensions with the United States and Europe.

The central bank said the yuan's 1.9 percent devaluation Tuesday against the U.S. dollar, which was its biggest one-day fall in a decade, was due to changes aimed at making the tightly controlled currency more market-oriented. That raised the prospect of still more declines, which would help struggling Chinese exporters at the expense of foreign competitors and might shore up flagging economic growth.

Labor leaders on Tuesday called off a planned strike of the construction on the Panama Canal, which is nearing completion of an ambitious expansion project.

Workers, who sought higher salaries, said they would continue on the job after reaching an agreement which will lead to a raise.

OPEC on Tuesday revised upward its growth forecast for global oil demand in 2015 and maintained projected record levels of world consumption next year, despite turbulent market conditions spurred by financial instability in Greece and China.

In its August monthly report, the Organization of the Petroleum Exporting Countries said it was expecting world oil demand to grow by 1.38 million barrels per day -- some 90,000 more than announced in its July estimates.

Indian firm Adani Tuesday accused environmental activists of exploiting legal loopholes to stall a massive Australian coal mine, after Standard Chartered bank withdrew as a financial adviser to the project.

An Australian court last week revoked government approval for the Aus$16.5 billion (U.S.$12.1 billion) Carmichael coal mine, which could have become one of the world's biggest.

Iran's famed carpet weavers are busy at work following the country's historic nuclear deal with world powers, anticipating a boost in exports as sanctions are set to be lifted in the months ahead.

"The Persian hand-woven carpet is Iran's ambassador. I'm delighted that the ambassador is in the process of resuming work in the U.S.," exporter Jila Rassam Arabzadeh said this week. "The Persian carpet is like the Iranian flag, known all over the world. Let our flag fly."

Greece on Tuesday reached a deal on a multi-billion bailout with its international creditors, officials said, with the government planning to submit it to parliament later in the day.

"An agreement was reached," a government source told Agence France Presse, with Finance Minister Euclid Tsakalotos telling reporters: "We are very close... There are a couple of very small details remaining on prior actions."

China's central bank on Tuesday devalued its yuan currency by nearly two percent against the U.S. dollar, as authorities seek to push market reforms and bolster the world's second-largest economy.

The surprise move marked the biggest drop since China reformed its currency system in 2005 by unpegging the yuan -- also known as the renminbi (RMB) -- from the greenback.

France's labor minister said Monday that he would step down next week to become mayor of Dijon, forcing President Francois Hollande to find someone else to tackle stubbornly high unemployment.

Francois Rebsamen, 64, told Le Parisien daily that he would hand in his resignation on August 19, after the next cabinet meeting.

Debt-ridden Greece and its creditors appeared on track Monday to finalize the terms of a third bailout agreement despite the misgivings of EU paymaster Germany.

After Sunday's talks pushed on until 3:00 am Monday, negotiators were back at the table seven hours later, fine-tuning the list of new reform commitments to be required of the radical left Greek government in exchange for the 86 billion euro ($94 billion) lifeline.

Chinese Internet giant Alibaba is to pay 28.3 billion yuan ($4.6 billion) for a nearly 20 percent stake in consumer electronics retailer Suning, the two companies said in a statement Monday.

At the same time, the Chinese shopping chain will invest up to 14 billion yuan for just over one percent of Alibaba, the statement said, bringing the total value of the deal to nearly $7.0 billion.