Yen surges, offshore yuan tumbles as trade war intensifies

The yuan also tumbled in offshore trade, weighed by expectations of a deeper slowdown in China as the world's two-largest economies exchanged barbs over trade. The Swiss franc and gold, two assets sought during times of heightened risk aversion, shot up in early Asian trade

TOKYO: The yen surged on Monday as investors flocked to safe-haven assets after a sharp re-escalation in the U.S.-China trade war, which whacked investor confidence and darkened the global economic outlook.

The yuan also tumbled in offshore trade, weighed by expectations of a deeper slowdown in China as the world's two-largest economies exchanged barbs over trade.