The Singapore stock market with the national Straits Times Index (STI) crashed 2.64% in a single day today (August 12) and even bottomed out at 3,060 (-2.95%) in the morning today. Singapore’s economy is currently facing a downturn with a decline of 4% in GDP from yesterday’s official announcement. The Singapore currency is also currently trading at its 5-year low against the US dollar.
Analysts attributed the crash to China’s monetary policy which have increased money supply and devalued the yuan to prevent a financial crisis in China.
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MTI: Singapore GDP declined 4% in Q2 2015, currency reach 5-year-low