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The Dow Jones Industrial Average (DJIA) dropped 800 points yesterday, triggering risk aversion in the Asian equities and FX markets, however, the sharp drop is hardly surprising, according to the US Treasury Secretary Mnuchin.  

Key quotes  

The  US is concerned about yuan depreciation.  

A weaker yuan should not be competitive devaluation.  

The market is handing Fed unwinding very well.  

Markets are not efficient, tend to overshoot in both directions.