AsiaPac Stocks, FX Tumble As China Devalues Yuan Most In 4 Weeks, Sees “No Need For Massive Economic Stimulus”

Jon Alternative Media, Blogosphere, Economy, Government, Market Commentary

Losses from the US session extended following comments in one of the government’s official mouthpieces that “China doesn’t need massive stimulus.” A BoNZ rate cut (blaming China’s devaluation) sent Kiwi tumbling, Ringgit hit a fresh 17 year low against the USD, Japanese stocks collapsed over 650 points so far, and Chinese stocks are opening notably lower. Volume remains de minimus (99% below average) in Chinese futures trading as China devalues the Yuan by the most since Aug 13 and injects another 80 billion Yuan liquidity.
US weakness did not help but once this hit early on in the Asia session…
CHINA DOESN’T NEED MASSIVE ECONOMIC STIMULUS: FINANCIAL NEWS Adding:
*CHINA FACES DOWNWARD PRESSURE IN 2-3 YEARS: PBOC ADVISOR HUANG *CHINA YET TO FIND NEW GROWTH PILLARS: PBOC ADVISOR Losses grew.
The Bank of New Zealand cut rates:

This post was published at Zero Hedge on 09/09/2015.