Asian markets muted while yuan briefly slumps to a record low

China's Shanghai Composite Index (SHCOMP) swung between small gains and losses. It's down about 0.2% after a 1.3% rally Monday.

Hong Kong's Hang Seng (HSI) also inched 0.1% lower following slight weakness Monday. Last month, the Hang Seng recorded a 7.4% drop — one of the worst among major global indexes. The index has been weighed down by escalating US-China trade tensions as well as intensifying protests in the city.

Japan's Nikkei (N225) inched up 0.1%, while South Korea's Kospi (KOSPI) rose 0.3%.

The Chinese yuan touched a record low in offshore trading early Tuesday morning — it briefly hit 7.196 yuan per one US dollar, the lowest since it began trading outside of mainland China in 2010. It's now trading a bit higher at 7.188 per dollar, which is slightly stronger than Monday.

So far this year, the yuan has lost 4.6% against the dollar in offshore trading, where the currency trades more freely.

The onshore yuan, meanwhile, was trading at around 7.18 per dollar Tuesday. It has fallen about 4.4% this year.

Here's what is happening elsewhere at about 10:30 a.m. Hong Kong time:

• Xiaomi, which is the world's fourth largest smartphone manufacturer, jumped 6% in Hong Kong after it announced a share buyback plan of up to 12 billion Hong Kong dollars ($1.5 billion).
• South Korea revised its estimate for GDP growth for the second quarter on Tuesday. Its GDP expanded by 1% in the quarter compared with the first quarter, which is slightly lower than a previous estimate, the Bank of Korea said.
• US markets were closed Monday because of the Labor Day holiday.

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