US stocks hammered as China’s currency hits 11-year low

By DAMIAN J. TROISE
NEW YORK — U.S. stocks nosedived in morning trading on Wall Street Monday as China’s currency fell sharply and stoked fears that the trade war between the world’s two largest economies would continue escalating.
China let its currency, the yuan, sink to an 11-year low against the dollar and under the politically sensitive level of seven per dollar. A weaker Chinese currency can help boost that country’s exports while hurting foreign competition.
The U.