Asian markets tumbled on Monday, with the Chinese yuan nearing its lowest level since the end of June (also the year's minimum). Caution dominates European exchanges and US equity futures. China's 5-year credit default swap rate rose 5 basis points on Monday, reflecting the growing concerns in the country's financial sector, particularly the increasing risk of default for major developer Country Garden: {chart} These issues are compounded by the weak data from the Chinese economy, including producer price deflation, a sharp drop in foreign trade volumes in July, and a slowdown in credit growth. Markets anticipate ... (full story)