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

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 minimis (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…

Adding:

Losses grew.

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The Bank of New Zealand cut rates:

Slamming Kiwi lower…

The Maysian Ringgit dropped another 1% in the early trading – to its weakest since 1998…

Japanese stocks opened down 550 points at the cash open having fallen all day during the US session… Now down 650 points

Broad AsiaPac stocks are lower…

And China opens weaker (despite Fink’s help)…

As China injects another 80 billion Yuan…

And then devalues The Yuan by the most since 8/13…