News
Asia Markets Slide as Australia Hikes Rates, China Tightens Liquidity
Two central banks in Asia took action on Tuesday. The Reserve Bank of Australia (RBA) raised its cash rate by 25 basis points to 4.85%, the fifth increase this year and the highest level since 2008. China's central bank urged financial institutions to use stock-support tools. The Philadelphia Semiconductor Index (SOX) has fallen 12% over three sessions, while the Nasdaq 100 has dropped 10% from its recent peak. The yuan has risen more than 5% against the dollar this year and was around 6.65 per dollar offshore. Gold stayed above $3,950 an ounce, and silver traded near $50.77. About $6.3 billion was stolen in last week's Binance breach.