Wall Street sinks as yuan slide intensifies trade war; Dow falls 860 pts

The yuan breached the key 7-per-dollar level for the first time in more than a decade, and President Donald Trump slammed it as "a major violation"

US stocks tumbled on Monday, with the benchmark S&P 500 sliding more than 3 per cent, as a fall in the yuan following US President Donald Trump's vow to impose additional tariffs on Chinese goods sparked fears of further escalation of the US-China trade war.

The S&P 500 was on track for its biggest one-day percentage decline since February 2018. It has fallen for six straight sessions.

The yuan reached its lowest level in more than a decade after the People's Bank of China, with the blessing of policymakers, set its daily midpoint at 6.9225 per dollar, the weakest level in eight