Asian stocks mixed after China devalues yuan

Asian stock markets wavered and the region's currencies tumbled Tuesday after China unexpectedly devalued its tightly-controlled yuan in response to weakening trade and growth. China's Shanghai Composite Index shed 0.4 per cent to 3,912.86 while Hong Kong's Hang Seng gained 1 per cent to 24,755.51. Tokyo's Nikkei 225 lost 0.9 per cent to 20,624.96 and Sydney's S&P/ASX 200 declined 0.7 per cent to 5,470.50. Seoul's Kospi was little changed at 2,003.35. The Australian dollar sank 1.3 per cent to $0.7330. The US dollar also gained against the yen, Indian rupee, South Korean and other Asian currencies, according to AP.

-SRS