BEIJING, China - The Chinese currency, the yuan, fell sharply on Monday after Friday's savage reaction to U.S. President Donald Trump's ordering of American companies to leave China.
Stocks in Asia were also trading well in the red, a follow-on reaction to Wall Street which on Friday plunged, with the Dow Jones closing down more than 600 points, and the tech-laden Nasdaq Composite losing 3% of its value.
Mr Trump reacted angrily to a an imposition of tariffs on a modest $75 billion worth of U.S., goods in retaliation for his imposition of tariffs on $300 billion worth of Chinese goods.
The president was in a filthy mood on Friday, also weighing into Federal Reserve Chairman Jerome Powell, describing him as an 'enemy.'
In an extraordinary burst of anger he tweeted: "Who is our bigger enemy, Fed Chairman Powell or Chinese President Xi?"
"Trump seems to be irate that China reacted to what the U.S. has done and is basically having a mini-tantrum and is angry at everybody," David Katz, chief investment officer at Matrix Asset Advisors in New York told the Reuters Thomson news agency Friday. "He's angry at China, he's trying to put the blame on the market and the economy on Powell."
"But at this point, it's very clear that the issues that have been coming to fruition of late with the economy and the slowdown are all trade-related and have very little to do with the Fed," Katz added.
On Monday in Asia the panic spread to currency and bond markets, as well as equities. The Chinese yuan fell to an 11-year low. The Japanese yen, considered a safe-haven currency to gather with the Swiss franc, rose sharply to 105.29. The Swiss franc firmed to 0.9753.
The euro and British pound which rallied on Friday amidst the turmoil were holding on to their gains on Monday. The euro last traded at 1.1145, while the pound was well bid at 1.2267.
The Canadian dollar rose to 1.3298. The New Zealand dollar jumped to 0.6376, however the Australian dollar slipped below a crucial technical level at 0.6750, to trade at 0.6733. The Australian economy is heavily dependent on exports to China.
Bond yields fell, while on equity markets, in afternoon trading the Hang Seng in Hong Kong was down 731.67 points or 2.79%. It had dropped more than 3% in the morning trade.
By the close on Monday, the Nikkei 225 in Japan had lost 449.87 points or 2.17%.
In Hong Kong, the Hang Seng shed 499 points or 1.91%.
The Shanghai Composite in China slid 33.86 points or 1.17%.
The Australian All Ordinaries was down 83.30 points or 1.26%.