Yen rises, yuan slumps as stocks fall on China virus

TOKYO - The yen pulled ahead and the yuan fell against the dollar on Tuesday as the spread of a pneumonia-like virus in China sparked a sudden bout of risk aversion and sent Asian stocks skidding.

The outbreak of the disease, which has spread from the central city of Wuhan, is still in its early stages. However, it comes right before the peak travel season during the Lunar New Year holidays, raising risks that it could spread further. The dollar index against a basket of six major currencies stood at 97.589, near the highest level in a month.

Elsewhere in currencies, the Australian dollar fell 0.15% to $0.6865 as worries about the Chinese virus hurt currencies sensitive to risk. The New Zealand dollar also eased slightly to $0.6607.

They will go back up soon once the virus is gone

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