Asian equity benchmarks are trading lower in the early deals on Wednesday amid news that China's central bank has again devalued its currency against the US dollar. The People's Bank of China on Wednesday announced a 1.6 per cent devaluation of the Yuan, following its surprise 1.9 per cent devaluation on Tuesday. The devaluation of the Yuan has fueled worries about slowing growth in the world's second-largest economy. Meanwhile, the Japanese market declined after the Chinese central bank lowered the Yuan for a second day, fanning more worries of slowing growth in China.
Nikkei 225 declined 362.16 points or 1.75% to 20,358.59, Hang Seng slipped 429.92 points or 1.75% to 24,068.29, FTSE Bursa Malaysia KLCI crumbled 23.35 points or 1.43% to 1,613.36, Jakarta Composite decreased 143.27 points or 3.10% to 4,479.33, KOSPI Index dipped 29.03 points or 1.46% to 1,957.62, Straits Times dropped 78.06 points or 2.48% to 3,075.00, Shanghai Composite contracted 17.61 points or 0.45% to 3,910.30 and Taiwan Weighted was down by 150.32 points or 1.79% to 8,243.82.
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