Asian stocks slipped, led by China, and the yuan fell as investors assessed the latest move by the People’s Bank of China to loosen monetary policy. Chinese shares bore the brunt of selling as traders returned from a week-long holiday that encompassed the rout in Treasuries.
Equities from Sydney to Shanghai sank, while Japan was shut for a holiday, and Columbus Day in the US means no Treasuries trade on Monday.
US stocks on Friday capped the worst week in a month, as a solid run of economic data emboldening investor faith for tighter monetary policy spurred a sell-off in Treasuries.
The yuan weakened past 6.9 per dollar in the offshore market and was also weaker onshore following PBOC’s policy move.
Equities from Sydney to Shanghai sank, while Japan was shut for a holiday, and Columbus Day in the US means no Treasuries trade on Monday.
US stocks on Friday capped the worst week in a month, as a solid run of economic data emboldening investor faith for tighter monetary policy spurred a sell-off in Treasuries.
The yuan weakened past 6.9 per dollar in the offshore market and was also weaker onshore following PBOC’s policy move.
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