Ways2Capital Reviews : Asian Stocks Mixed; China’s Yuan Drops Further

Asian stocks were mixed on the final day of what’s been the worst quarter in nearly three years, characterized by trade tensions between the US and China. Treasuries steadied alongside the dollar.

China’s yuan dropped for a 12th day amid concern about Chinese policy makers’ intentions. Shares in Hong Kong and Shanghai edged higher, while Japanese equities fell with those in South Korea.

Earlier, technology stocks drove the US S&P 500 Index higher. A gauge of emerging market stocks held near the lowest level in 10 months, while West Texas Intermediate crude pared a rise above $73 a barrel.

The historically rapid drop in the yuan against the dollar has heightened fears in some quarters of a devaluation in response to the US’ protectionist trade moves against China.

Chinese officials are seen stepping in and slowing the decline in its currency should it fall toward 6.7 per dollar in the onshore market as breaking through that key psychological level may risk worsening sentiment in the country’s beaten down financial markets. The yuan has fallen almost 2% this week while about $2tn in value has been wiped from the nation’s stock market since its January peak.
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About Bhoomi Desai