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On Tuesday, China left its corporate and household credit benchmark rate unchanged – the one-year loan prime rate (LPR) remained constant at 3.85%, while the five-year LPR was also left at 4.65%. According to Reuters, the majority of traders and analysts in a quick poll expected that both the one-year and five-year LPR would not change.
The markets in Indonesia, Malaysia and Singapore are closed on Tuesday for public holidays.
Bitcoin’s price also slumped amid the market turmoil, falling below $ 30,000 for the first time in almost a month. The price of the cryptocurrency was $ 29,569.45 on Tuesday at 12:18 p.m. ET, according to Coin Metrics.
Wall Street decline
Overnight in the States, the Dow Jones Industrial Average fell 725.81 points to 33,962.04 while the S&P 500 lost 1.59% to 4,258.49 points. The Nasdaq Composite fell 1.06% to 14,274.98.
The losses on Wall Street came as concerns grew over the potential impact of a Covid resurgence on the global economic recovery. Several countries in Southeast Asia are struggling with infection resurgence, and Goldman Sachs recently lowered its 2021 growth projections for most of the region.
Currencies and oil
The US dollar index, which tracks the greenback versus a basket of its peers, closed at 92.862 after a recent rebound from below 92.8.
The Japanese yen was trading at 109.43 per dollar, stronger than levels above 110.5 against the greenback last week. The Australian dollar changed hands at $ 0.7321 from yesterday’s $ 0.738 level.
Oil prices were mixed on the afternoon of Asian trading hours, with international benchmark Brent crude oil futures rising 0.12% to $ 68.70 a barrel. US crude oil futures rose 0.15% to $ 66.52 a barrel.