Suddenly, the Chinese yuan looks vulnerable again.
The currency had steadily appreciated against the dollar since October, strengthening back through the psychologically-important 7.00 level on its way to 6.85, as the US and China finally inked Trump's "Phase One" trade deal and the Chinese economy appeared to stabilize.
On Tuesday, the yuan sank the most since late August as an outbreak of deadly viral pneumonia rippled across regional markets and undercut risk sentiment.
The last time the yuan fell this much in a day was Monday, August 26. Three days previous, Donald Trump threatened to force US companies out of China. He also hiked tariffs, leading to a meltdown in US markets.
Fears that travel during the Lunar New Year holiday could accelerate the spread of the new coronavirus (which has killed six as of Tuesday morning) unnerved market participants and raised the pandemic alarms.
In Wuhan - where the virus originated - anyone with symptoms is being stopped at travel checkpoints and prevented from boarding planes and trains. So far, the city of 11 million has reported 258 cases over the past two days.
There have been a handful of cases in Beijing, more than a dozen in
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