Asia stocks head for weekly loss, China yuan hits four and half year low
Asian shares slumped on Friday, on track for a weekly loss as plunging crude prices heightened fears about receding global growth, while China's yuan hit its weakest level in more than four years. A supply glut in oil markets and cooling growth in China, the world's biggest commodities consumer, have pressured many asset markets ahead of a widely expected hike to U.S. interest rates by the Federal Reserve next week. China's central bank set its guidance rate at the weakest level in more than four years on Friday, a sign Beijing is permitting the currency to depreciate after it was included in the International Monetary Fund's reserve basket.
Author: Regular Articles
Tell a friend
Average rating from Reviews:
Write a review