Asian central banks flag growth concerns with surprising rate cuts

This week, investors feared that the trade war was turning into a currency war as Beijing allowed its currency to slip to the weaker side of 7 per dollar for the first time in more than a decade and Washington labelled the country a currency manipulator.

WELLINGTON/MUMBAI: Asia central banks signalled major concerns on Wednesday about the outlook for economic growth, stunning markets with a series of surprising interest rate cuts and pointing to policymakers' dwindling ammunition to fight off a downturn.

The moves came after trade tensions and slowing global growth prompted the U.S. Federal Reserve to cut rates for the first time in a decade and the European Central Bank to signal policy easing. Australia's central bank eased policy in June and July.