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Asian markets down as yuan depreciates a further 1.6% | |
(about 3 hours later) | |
Chinese shares were lower on Wednesday as its central bank again devalued the yuan, following Tuesday's record cut. | Chinese shares were lower on Wednesday as its central bank again devalued the yuan, following Tuesday's record cut. |
The People's Bank of China fixed the daily guiding rate for the currency down 1.6% to 6.3306 against the dollar. | The People's Bank of China fixed the daily guiding rate for the currency down 1.6% to 6.3306 against the dollar. |
The Shanghai Composite fell by 0.4% to 3,911.67 points in early trading while Hong Kong's Hang Seng dropped 1.2% to 24,197.56. | The Shanghai Composite fell by 0.4% to 3,911.67 points in early trading while Hong Kong's Hang Seng dropped 1.2% to 24,197.56. |
The 2% cut by the national lender on Tuesday sent shockwaves through the global markets. | The 2% cut by the national lender on Tuesday sent shockwaves through the global markets. |
The surprise decision came along with the announcement that the central bank would in future set the guidance based on overnight global market developments, making it more market-based. | The surprise decision came along with the announcement that the central bank would in future set the guidance based on overnight global market developments, making it more market-based. |
The International Monetary Fund said it was "a welcome step" allowing market forces to have a greater role in determining the exchange rate. | The International Monetary Fund said it was "a welcome step" allowing market forces to have a greater role in determining the exchange rate. |
Wall Street impact | Wall Street impact |
China's central bank tried to calm market concerns on Wednesday saying that there was no basis for a sustained depreciation of the yuan given global and domestic economic conditions. | China's central bank tried to calm market concerns on Wednesday saying that there was no basis for a sustained depreciation of the yuan given global and domestic economic conditions. |
Overnight, Wall Street had reacted to Beijing's surprise decision, leading to a negative start to morning trading across Asia. | Overnight, Wall Street had reacted to Beijing's surprise decision, leading to a negative start to morning trading across Asia. |
The region's biggest stock market, Japan's Nikkei 225 index, was down 1.2% to 20,472.90 points. | The region's biggest stock market, Japan's Nikkei 225 index, was down 1.2% to 20,472.90 points. |
South Korea's benchmark Kospi index fell by 1.2% to 1,964.15 points. | South Korea's benchmark Kospi index fell by 1.2% to 1,964.15 points. |
Also, feeling the aftershocks of China's surprise move, the Australian S&P/ASX 200 fell by 0.5% to 5,445.10 points. | Also, feeling the aftershocks of China's surprise move, the Australian S&P/ASX 200 fell by 0.5% to 5,445.10 points. |
Shares in the country's biggest bank, the Commonwealth Bank of Australia, were halted from trading as the lender announced a A$5bn capital-raising in order to meet stricter regulatory requirements. | Shares in the country's biggest bank, the Commonwealth Bank of Australia, were halted from trading as the lender announced a A$5bn capital-raising in order to meet stricter regulatory requirements. |
On Wall Street on Tuesday, the Dow Jones fell 212.33 points, or 1.21%, to 17,402.8, and the S&P 500 lost 20 points, or 0.96%, to 2,084. The Nasdaq end down 65, 1.27%, at 5,036.79. | On Wall Street on Tuesday, the Dow Jones fell 212.33 points, or 1.21%, to 17,402.8, and the S&P 500 lost 20 points, or 0.96%, to 2,084. The Nasdaq end down 65, 1.27%, at 5,036.79. |