Worst Week for Asia Stocks Since 2011 Tempered by China Rebound
- China's PBOC sets yuan fixing little changed from Thursday
- Indexes in Japan, Australia fall while Shanghai rallies
China Stabilizes But Still Govt. Intervention
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A rally in Shanghai equities provided relief for investors at the end of the worst weekly slump for Asian stocks since 2011. Trading remained volatile, weighing on markets in Australia and Japan even as the yuan strengthened.
The MSCI Asia Pacific Index reversed an early decline after China refrained from another cut to the yuan’s reference rate, with the equities gauge rallying as much as 0.9 percent. The rebound evaporated within 15 minutes as investors grappled with the outlook for financial markets after more than $4 trillion was wiped from global stocks in the first four days of this week.