Malaysian ringgit at 26-yr low, yuan wobbly after China cuts mortgage reference rates

Malaysia's ringgit reached a 26-year low as emerging Asian currencies weakened against the dollar on Tuesday, while the Chinese yuan slid after China cut its benchmark mortgage rate by more than expected, but found support from state bank buying.

The ringgit weakened as much as 0.2% to its lowest level since January 1998. The South Korean won and the Taiwanese dollar inched 0.2% and 0.3% lower, respectively.