Market rout continues as China stares down US in trade war

Markets across the Asia-Pacific region were rattled for a second straight session on Tuesday after China allowed its currency to weaken further, despite being labelled a currency manipulator by the US.

Elsewhere, sharemarkets in Japan, South Korea and and Singapore finished with losses of between 0.4 to 1.5 percent on Tuesday. In late trade, mainland Chinese markets were nursing declines of between 1 to 2.4 per cent while Hong Kong's Hang Seng shed a further 1 per cent.The declines for shares came in stark contrast to the performance of currencies which stabilised.

Iron ore prices continued to slide, adding to losses seen in recent sessions. The most actively traded January 2020 iron ore futures contract in Dalian was down 1.83 per cent at 696 yuan in late trade.

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