Stock losses steepen as U.S. puts yuan in crosshairs [Reuters (UK)]
Sumitomo Mitsui Financial Group Inc Unsponsored American Depositary Shares (Japan) (SMFG)
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Source: Reuters
Stock losses steepen as U.S. puts yuan in crosshairs - Reuters 4 Min Read TOKYO (Reuters) - Global stocks extended already substantial losses on Tuesday as China’s yuan currency dropped to an 11-year low after Washington designated Beijing a currency manipulator in a rapid escalation of the U.S.-China trade war. Safe-haven assets, including bonds and some currencies such as the yen and Swiss franc, benefited as investors scurried to avoid risk. U.S. Treasury Secretary Steven Mnuchin said on Monday the government had determined that China is manipulating its currency, and that Washington would engage the International Monetary Fund to eliminate unfair competition from Beijing. “Given the fragile state of markets, this is likely to be viewed as an escalation of the trade war and exacerbate the market sell-off,” wrote Steve Englander, head of global G10 FX research at Standard Chartered Bank. “In market terms, the designation, however meretricious, will likely be seen as a further rampin
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SMFG
Sec Filings
- 3/27/24 - Form 6-K
- 3/27/24 - Form 6-K
- 3/25/24 - Form 6-K
- SMFG's page on the SEC website