Asian markets close in red on Tuesday

11 Aug 2015 Evaluate

The Asian markets closed in red on Tuesday as investors mulled the impact of a sharp devaluation of the yuan announced by China’s central bank. China has devalued its currency to boost flagging exports in a move that risks deepening the global currency war. After recent data showing falling exports and a stalling manufacturing sector, the central bank stated that it was allowing the yuan to weaken by nearly 2% in the hope of making China’s exports cheaper and pushing down borrowing costs. Chinese banks extended a surprisingly robust 1.48 trillion yuan ($238.4 billion) in new loans in July but the numbers may have been distorted by Beijing’s massive rescue package for the slumping stock market and other policy measures. New bank lending has been weak for much of this year despite interest rates cuts and looser lending restrictions. New yuan loans in July trumped the previous month’s lending of 1.28 trillion yuan while broad money supply expanded an annual 13.3%, faster than June’s 11.7%. Chinese banks bad loan ratio has increased by 1.5% at the end of June, 0.11% higher than March with the value of outstanding non- performance loans went up by $17.6 billion. Japan’s Economy Watchers Current Index rose to a seasonally adjusted 51.6, from 51.0 in the preceding month. Japanese Household Confidence rose to a seasonally adjusted annual rate of 40.3.

Asian Indices	Last Trade	Change in Points	Change in %
Shanghai Composite	3,927.91	-0.51	-0.01
Hang Seng	24,498.21	-22.91	-0.09
Jakarta Composite	4,622.59	-126.36	-2.66
KLSE Composite	1,636.71	-17.66	-1.07
Nikkei 225	20,720.75	-87.94	-0.42
Straits Times	3,153.06	-43.60	-1.36
KOSPI Composite	1,986.65	-16.52	-0.82
Taiwan Weighted	8,394.14	-72.70	-0.86

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