Asian shares are trading lower Wednesday, extending their losses after China’s surprise devaluation of the yuan on Tuesday. Hong Kong’s Hang Seng is currently shedding 1.8 percent in early afternoon trade while Tokyo’s Nikkei 225 index is shedding 1.7 percent.
The world’s second-largest economy devalued its currency by almost 2 percent on Tuesday. The greater-than-expected drop in exports and producer prices resulted in levels not seen since 2009. The People’s Bank of China move led to the yuan recording its biggest one-day loss in two decades.
Separately, the National Bureau of Statistics of the People’s Republic of China said Wednesday that retail sales in China rose 10.5 percent, down slightly from the 10.6 percent growth seen in June. Sales growth has hovered around those levels since the start of the year, coming off an average monthly growth of 11.8 percent July through December of 2014.