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 escalated concerns about the U.S.-China trade war, spurring the biggest sell-off in Asian stocks since October.
The Japanese yen jumped along with U.S. Treasuries as traders bought haven assets. Shares slumped as much as 3.1% in Hong Kong, which is also seeing turmoil from rising political tensions. Japanese and Korean equities slid more than 2% and S&P 500 Index futures tumbled more than 1%. European futures declined. Stocks took another leg lower after Bloomberg reported that China has asked state purchasers to halt imports of American agricultural products. Gold advanced.
Macro :
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