(Bloomberg) — Equities in Asia backtracked Friday after US stocks hit yet another record, while the dollar advanced as investors parsed economic data for signals on interest-rate trajectories around the world.
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China’s CSI 300 Index fell as much as 1.6%, on pace for its largest daily drop since January, and the Hang Seng Tech Index dropped more than 3%. Australian and Korean shares also declined. Japanese stocks rose. A gauge of the region’s shares had touched the highest level in almost two years in the prior session.
The dollar was on track for its best week in two months. The onshore yuan fell to its weakest in four months Friday, breaching a closely watched technical level after a months-long effort by Chinese authorities to keep the managed currency in a narrow range. The People’s Bank of China lowered the daily reference rate by the most since early February, a sign to some that Beijing is…
