Asian Central Banks React to Market Selloff

Authorities in Asia are stepping up efforts to limit the damage from Monday’s vicious selloff, which left markets across the region nursing heavy losses.

China’s Shanghai Composite led the declines, ending down 8.5 percent – its biggest one-day percentage fall since February 2007 – and erasing its gains for the year. But no market has been spared the turmoil triggered by a host of concerns ranging from China’s slowdown to the Federal Reserve’s impending rate hike.

After China, the worst hit markets were Philippines, Vietnam and Japan, where stock indexes plunged between 5 and 6.5 percent. The mounting losses prompted mixed reactions from policymakers.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza