(7 August 2019, AFR, p26, William McInnes, Reporter)
‘The Australian sharemarket saw $53 billion wiped from its boards on Tuesday as a global market sell-off entered its second day, reversing two months worth of gains in the local market. The S&P/ASX 200 Index dropped 162.2 points, or 2.4 per cent, to 6478.1 while the broader All Ordinaries collapsed 164.2 points, or 2.5 per cent, to 6546.4. Shares on Wall Street and across Europe were hit hard on Monday after the Chinese yuan moved through the psychological seven per US dollar barrier, sparking fears Beijing was allowing the currency to weaken in order to battle the trade war. On Tuesday morning (AEST), US Treasury Secretary Steven Mnuchin labelled China a currency manipulator, pledging he would “engage with the International Monetary Fund to eliminate the unfair competitive advantage created by China’s latest actions”, according to a statement from the department.