Hong Kong (CNN Business)Asian markets were muted in early trading Tuesday, while the Chinese yuan briefly dipped to historically low levels in offshore trading.

Hong Kong’s Hang Seng (HSI) alsoinched 0.1%lowerfollowing slight weakness Monday. Last month, the Hang Seng recorded a 7.4% drop — one of the worst among major global indexes. The index has been weighed down by escalating US-China trade tensions as well as intensifying protests in the city.

Japan’s Nikkei (N225) inched up 0.1%, while South Korea’s Kospi (KOSPI) fell 0.1%.

    The Chinese yuan touched a record low in offshore trading early Tuesday morning — it briefly hit 7.196 yuan per one US dollar, the lowest since it began trading outside of mainland China in 2010. It’s now trading a bit higher at 7.187 per dollar, which is slightly stronger than Monday.

    So far this year, the yuan has lost about 4.5% against the dollar in offshore trading, where the currency trades more freely.

    The onshore yuan, meanwhile, was trading at around 7.185 per dollar Tuesday. It has also fallen around 4.5% this year.

      Here’s what is happening elsewhere at about 1 p.m. Hong Kong time:

      • The Reserve Bank of Australia left its cash rate unchanged at 1%. The decision was expected. “The outlook for the global economy remains reasonable,” though risks remain, said the central bank’s governor, Philip Lowe, in a statement. Australia’s S&P/ASX 200 index was down about 0.1%.
      • Xiaomi, which is the world’s fourth largest smartphone manufacturer, jumped5%in Hong Kong after it announced a share buyback plan of up to 12 billion Hong Kong dollars ($1.5 billion).
      • South Korea revised its estimate for GDP growth for the second quarter on Tuesday. Its GDP expanded by 1% in the quarter compared with the first quarter, which is slightly lower than a previous estimate, the Bank of Korea said.
      • US markets were closed Monday because of the Labor Day holiday.

      Source: http://edition.cnn.com/


      Recommended For You

      Like it? Share with your friends!


      Your email address will not be published. Required fields are marked *

      This site uses Akismet to reduce spam. Learn how your comment data is processed.