Asian shares slide after Crimea vote
Asian shares have taken a hit as Western leaders condemned the controversial referendum in Crimea as a “mockery of proper democratic practice,” even as Russia claimed it had won a 95.5 per cent mandate for it to annex the Ukrainian province.
President Obama’s spokesman said “the international community will not recognise the results of a poll administered under threats of violence and intimidation from a Russian military intervention that violates international law.”
China's decision to widen the renminbi's trading band has left the The People's Bank of China keen to signal that the currency's days as a "one-way bet" are over.
London-based consultancy Capital Economics commented:
Fundamentals still point to a stronger currency over the medium term. Greater volatility is likely over the months ahead, but as a result of official intervention not market forces.
The Nikkei is down 0.8 per cent while the Hong Kong Hang Seng Index is suffering losses of 0.2 per cent. South Korea's Kospi has made gains of 0.3 per cent while the Shanghai Stock Exchange Composite Index is up 0.5 per cent. The Tokyo Stock Exchange Tokyo Price Index is down 1.2 per cent