ZURICH (Reuters) - Swatch Group SA said China's devaluation of the yuan will benefit the Swiss watchmaker by boosting the Chinese economy and spurring consumption.
"We see this measure as positive," Swatch said in an email. "It will stimulate the Chinese economy and this will create more consumption. The Swatch Group with its strong position in all segments in the Chinese mainland market will certainly benefit."
The yuan suffered its biggest fall in more than two decades on Tuesday, hitting a three-year low after the Chinese central bank surprised markets by devaluing the currency by almost 2 percent.
(Reporting by Brenna Hughes Neghaiwi, editing by John Miller)