Asian Markets in Red As PBOC Devalued Yuan, Gold Back Below $1290
All the major Asian indices are trading on a lower note on Wednesday as PBOC set the Yuan reference rate at 6.4943 on Wednesday compared with 6.4565 a day earlier, showing a currency devaluation of around 0.55% - the major in over eight months.
On the other side, Gold fails to find support above $1300.00 and trading around key support at $1282 marks.
In addition, Japanese Yen erases previous gain against US dollar and hovers just above 107.00 marks. Japanese banks will be closed in observance of Greenery Day.
Hong Kong's benchmark Hang Seng index was trading 1.18% lower at 20,431 points, while the Shanghai Composite fell 0.11% to 2,989.36 points.
South Korea's Kospi index dropped 0.58% to 1,974.85 points.
Australia’s benchmark S&P/ASX 200 index was trading 1.15% lower at 5,292.60 points in Sydney.
New Zealand's S&P/NZX 50 index traded little changed at 6,843.96 points on Wednesday afternoon in Wellington.