YUAN FALLOUT:The drop was primarily caused by China’s devaluation of the yuan, and analysts forecast continued downward pressure until the Fed hikes rates
Date: Aug 16, 2015
Asian currencies recorded their biggest weekly drop in four years as China’s surprise yuan devaluation deepened concerns about a slowdown in the world’s second-biggest economy.
Malaysia’s ringgit and Indonesia’s rupiah sank to 17-year lows and stock markets across the region tumbled after the People’s Bank of China cut the yuan’s reference rate by 1.9 percent on Tuesday, triggering its biggest decline in two decades. [FULL STORY]