SINGAPORE : China's yuan hit a six-month low and Asia's stockmarkets staggered toward a second month of losses on Wednesday as weak factory activity figures offered the latest evidence that recovery in the world's second-biggest economy is faltering.
The yuan dropped 0.3 per cent to 7.1090 per dollar after that - a level not seen since the country was under tight public health restrictions in November last year. Aussie stocks are eying their worst day since March and a monthly drop of 2.7 per cent. A tourism-led rally for Thailand's baht and stock index has also failed to arrive.
Data from Australia showed an unexpected rise in consumer prices and came with a warning from the central bank chief of pain ahead - prompting traders to nudge up the chances of another rate hike there next week. Treasuries rallied after the initial deal was struck, on the expectation a U.S. default would be averted, but the market remains skittish as once authorised to borrow the Treasury is likely to issue lots of debt to replenish its coffers.
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