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Title : Australian shares plunge, after China trade retaliation leads to Wall St's worst fall of 2019
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Australian shares plunge, after China trade retaliation leads to Wall St's worst fall of 2019

Related Story: US shares suffer worst fall this year as trade war with China flares into currency fight

Australian shares plunge at the open of trade, after Wall Street suffered its worst day this year following a sharp escalation in the US-China trade war.

By 10:10am (AEST), the benchmark ASX 200 had dropped 192 points, or 2.9 per cent, to 6,449.

If sustained, that would be the worst one-day decline on for the ASX 200 in more than a year — since June 2, 2018 — although the losses had moderated slightly to 2.6 per cent around 10:30am.

The Australian dollar was also under pressure, buying 67.67 US cents.

China has retaliated against the latest round of US tariffs by devaluing the yuan to its lowest level in more than a decade.

Allowing its currency to drop is one way for China to make its exports cheaper, partially offsetting the harmful impact of US tariffs.

This led to the Dow Jones index plunging 768 points and Wall Street's benchmark S&P 500 index falling 3 per cent on Monday (local time).

The massive falls in New York were mirrored in European markets, with London's FTSE losing 2.5 per cent.

US President Donald Trump condemned China's latest move, via Twitter, and accused its trade rival of "currency manipulation", while the US Treasury officially declared China a currency manipulator.

More to come.

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