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Daily Debrief: What Happened Today
China accelerated the depreciation of the yuan on Thursday, sending regional currencies and stock markets tumbling as investors feared the Asian giant could trigger competitive currency devaluations from trading partners.
DBS Group Holdings and Standard Chartered are among banks suspended from some foreign-exchange business in China, according to people with knowledge of the matter.
Noble Group, Asia's largest commodity trader, tumbled to its lowest since 2008 as mining companies suffer through their worst start to a year in almost a decade.
Private equity investors Blackstone Group LP and Gaw Capital Partners are weighing separate bids for Singapore's Ascendas Hospitality Trust, people familiar with the matter said on Thursday.
Singapore's dollar slid to a six-year low after China's central bank reduced its reference rate for the yuan by the most since August. Barclays Plc said further declines are set to slow as the island-state's currency is probably close to the bottom of the central bank's policy band.
Global markets are facing a crisis and investors need to be very cautious, billionaire George Soros told an economic forum in Sri Lanka on Thursday.
The STI Today
The Straits Times Index opened in the red and headed south throughout, finishing with a 74.36 points or 2.7 per cent loss at 2,729.91, bringing its four-day loss to 153 points or 5.3 per cent for 2016. It was the lowest close in about three and a half years.