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Global stock markets continued to plunge, with the offshore renminbi hitting a record low on Tuesday after the US identified China as a currency manipulator and the US-China trade war escalated rapidly.
U.S. Treasury Secretary Steven Mnuchin said in a statement Monday that the U.S. government decided that China was manipulating the RMB exchange rate and would cooperate with the International Monetary Fund (IMF) to eliminate unfair competition from China.
The Trump administration's actions against China have heightened risk aversion in global markets this week. On Monday, China allowed the renminbi to depreciate in response to the latest U.S. tariff measures. This is expected to further intensify trade tensions between China and the United States.
The MSCI Mingsheng Asia-Pacific (excluding Japan) index fell 0.75% to its lowest level since January.
Japan's Nikkei index. N225 fell 2.7%, Australia's stock market fell 2.6%, and Korea's Composite Stock Index. KS11 fell 1.5%.
"After the latest developments in the Sino-US trade war, all economic views and the trend of foreign exchange and stock markets are driven by a'risk aversion'mentality, which in turn boosts bond prices," said Kota Hirayama, senior emerging market analyst at SMBC Nikkei Securities.
"Even though Federal Reserve Chairman Powell did not imply further easing, yields on U.S. Treasuries are still falling sharply, which shows everything."


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