Yuan Sentiment, Two Consecutive Days of IHSG Falls into the Red Zone
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The Jakarta Composite Index (JCI) closed down 2.59% to 6,175.70 points on Monday (August 5th). This decline continued by 0.91% to 6,119.47 points on Tuesday (August 6th).
The JCI decline was influenced by global sentiment, with the Chinese yuan devaluing to its lowest level in 11 years against the US dollar, at 7 yuan/US$. US President Donald Trump accused China of deliberately weakening its currency to make its exports more competitive.
This Chinese action was triggered by Trump's threat to impose a 10% tariff on US$300 billion worth of Chinese imports starting September 1st, 2019. Several other Asian stock exchanges were also affected by the yuan's weakening. The Shanghai Stock Exchange Index fell the most, dropping 1.56% to 2,777.56 points.
(Read Databoks: Yuan Weakens Against the US Dollar, Asian Stock Markets Plummet)
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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