Asian stocks plummet as China rout gathers pace, yen rallies

August 24, 2015 5:56 AM

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Asian stocks plummet as China rout gathers pace, yen rallies

Asian stocks dived to 3-year lows on Monday as a rout in Chinese equities gathered pace, hastening an exodus from riskier assets as fears of a China-led global economic slowdown roiled world markets.

Safe-haven government bonds and the yen rallied on the widespread unrest in the financial markets, set in motion nearly two weeks ago when China sharply devalued the yuan and stoked concerns about the state of its economy.

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