Market Extra: Why a falling Chinese yuan crushed the stock market and intensified the trade war [MarketWatch]
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Source: MarketWatch
Why a falling Chinese yuan crushed the stock market and intensified the trade war China’s yuan currency tumbled Monday, breaching a level long described by market watchers as a “line in the sand” and feeding fears of an intensifying China-U.S. trade war. In turn, that sparked a global equity-market selloff that saw U.S. stocks suffer their biggest one-day decline of 2019. Why are investors rattled, and how concerned should they really be? Here’s what you need to know: China’s currency weakened early Monday, trading at more than 7 yuan per U.S. dollar for the first time in more than a decade. In offshore trading, the yuan USDCNH, -0.0338% sank to a record low of more than 7.10 yuan per dollar, according to The Wall Street Journal . In recent offshore action, the yuan traded at 7.0949 per dollar, after having changing hands at 7.0507 in onshore trading USDCNY, +0.0000% . The move came after the People’s Bank of China set its daily reference rate at more than 6.9 yuan per dollar for
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