Major indexes in the Asia-Pacific slumped 2% after the S&P 500 set a new 2022 low overnight on Wall Street. The offshore and onshore Chinese yuan reached weakest levels since 2008 and the Indian rupee also marked a record low.Japan’s Nikkei 225 fell 2.06%, while the Topix index slipped 1.57%. Hong Kong’s Hang Seng index also fell 2.3%. In mainland China, the Shanghai Composite was 0.75% lower and the Shenzhen Component fell more than 1.464%.MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 1.89%, reaching lowest levels since April 2020. The Kospi in South Korea shed 2.75%. In Australia, the S&P/ASX 200 was 0.69% lower.China’s yuan is likely to return to a ‘reasonable range’ soonThe yuan will likely return to a “reasonable range” between six and seven versus the U.S. dollar — as soon as next year, said Han Baojiang, director of the department of economics, Party School of the Central Committee of the Communist Party of China.That’s according to a CNBC translation of his Mandarin-language remarks at a virtual event held by the All-China Journalists Association. He said that in his view, the yuan’s depreciation is tied, to a certain extent, to China’s economic difficulties right now.Next month’s 20th National Congress of China’s Communist Party is set to provide a clearer description of policy, which will help expectations, he said. Han said in response to a separate question that Chinese President Xi Jinping’s message of opening up further will be prevalent in the congress’ report, and that after the congress, he expects China will open up more than ever before.— Evelyn Chengcnbc.com