Oil fell as much as 4% yesterday after China devalued its currency, raising questions about its demand for crude, while a new projection showed non-Opec producers were more resilient than expected to keeping output high amid low prices.

The People’s Bank of China devalued its currency the yuan with immediate effect yesterday and the impact on Ireland’s exporters is likely to be multifaceted.

China’s export sales contracted 15% in March, a shock outcome that deepens concern about sputtering Chinese economic growth.