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Australian shares plummet as market takes a massive hit

More than $51 billion of Australian shares have been wiped off in early trade as the market recorded its biggest loss in 18 months.

The benchmark ASX 200 fell by 2.9 per cent in the opening minutes of trade this morning, after China’s currency took a hit in the latest developments of the U-S China trade war.

China’s yuan dropped below a seven-to-one US dollar, suggesting they do not anticipate a resolution to the trade war.

Ross Greenwood tells Steve Price the trade war is undoubtedly affecting the Australian market.

“This is a deliberate tit for tat that has escalated it.

“People have rushed out of shares and rushed their money into government bonds.”

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