Alert!! China indexes, Asia market indexes COLLAPSING!! China struggling to keep YUAN SOLVENT!!

Asian markets post widespread losses in early trading

Published: July 2, 2018 11:34 p.m. ET

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Nikkei struggles to stay flat, Hang Seng plunges


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China's yuan slipped past the 6.7 per dollar mark on Tuesday for the first time in almost a year, prompting what traders described as efforts by state-owned banks to prop up the currency as anxieties over U.S. trade frictions deepened.

Stocks also dived anew, dragged down by consumer and healthcare shares, as Beijing and Washington hurtled toward an end-of-week tariff deadline that has kept investors in China nervous.

Chinese currency and equity markets have been on edge ahead of July 6, when U.S. tariffs on $34 billion worth of Chinese goods kick in. Beijing has said it would retaliate with tariffs on U.S. products.

In the face of the sell-off on Tuesday, China's state-controlled media kicked into gear, calling the fall in stocks an "irrational overreaction" and urging investors not to panic over the growing trade frictions.

The yuan fell to 6.7204 per dollar, its weakest since Aug. 7, 2017 and the first time it dropped below 6.7 since Aug. 9, 2017, before recovering to 6.6997 per dollar at 0325 GMT. The currency has lost more than 4 percent of its value against the dollar since mid-June.

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Chinese stocks went into a tail spin on Tuesday as turbulence gripped equity markets in Asia, which sank to nine-month lows as investors feared the Sino-U.S. trade row could derail a rare period of synchronized global growth.

Speculation was rife the central bank in China was intervening in the currency market to staunch losses and prevent a potentially destabilizing sell-off in the yuan.

Chinese financial markets have been jittery ahead of a July 6 deadline, when the U.S. is set to slap tariffs on $34 billion worth of Chinese goods that Beijing has vowed to match with tariffs on U.S. products.

The trade row between the United States and major economies has rattled financial markets in the past several weeks, with no sign U.S. President Donald Trump is about to back down from his 'America First' protectionism policies that many fear will harm the global economy.

The Asia Pacific MSCI index ex-Japan tumbled 1.4 percent to its lowest since September 29, while Japan's Nikkei average was down 0.86 percent to a near three-month low.

Chinese stocks were hit the most, with Hong Kong's Hang Seng index diving 3.3 percent to its lowest level in ten months, the Shanghai Composite Index shedding 1.9 percent to hit a fresh 28 month low.

[link to whtc.com]

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