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STI bleeds red on plunging yuan : Sell-off could continue this week with markets jittery on concerns over China's response to new tariffs announced by US

Aug 06, 2019 - The Business Times Singapore

IT WAS a bad start to the nation's birthday week for the Singapore market, as the Chinese yuan fell sharply and regional markets reacted to the US-China trade war escalation.

The Straits Times Index (STI) plunged 66.6 points, or 2.04 per cent, in Monday's trading to 3,194.51.

A day after US President Donald Trump announced new tariffs on Chinese imports, the renminbi breached a key psychological level of 7 against the US dollar, which FXTM chief market strategist Hussein Sayed think...