China gloom sucks life out of Asia's rate cut cheer

SINGAPORE: Chinese stocks slumped on Friday and the yuan fell, dragging down markets broadly in Asia and rupturing an equity market rally spurred by a surprise rate cut in Switzerland that had investors wagering on who will ease policy next.

Traders were left on high alert in Asia with a yen creeping back toward multi-decade lows and jawboning efforts from Japanese government officials ramping up, alongside sliding Chinese stocks triggered by a sudden fall in the currency.