STOCK PLUNGE CHINA’S YUAN FELL PST 7 PER DOLLAR……….@#$%
China’s yuan fell past 7 per dollar, a level that had long been a focus for investors as a line in the sand for the country’s policy makers. The move pulled other Asian currencies down and exacerbated a sell-off in stocks.
The Japanese yen jumped along with U.S. Treasuries as traders bought haven assets. The MSCI Asia Pacific Index headed for its biggest decline since October. Shares slumped over 3% in Hong Kong, which is also seeing turmoil from transportation disruptions as political tensions escalate there. Japanese and Korean equities slid more than 2% and S&P 500 Index futures tumbled more than 1%. Stocks took another leg lower after Bloomberg reported that China has asked state purchasers to halt imports of American agricultural products.
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