GLOBAL MARKETS-China gloom sucks life out of Asia’s rate cut cheer

Chinese stocks slumped on Friday and the yuan fell, dragging down markets broadly in Asia and rupturing an equity market rally spurred by a surprise rate cut in Switzerland that had investors wagering on who will ease policy next. Traders were left on high alert in Asia with a yen creeping back toward multi-decade lows and jawboning efforts from Japanese government officials ramping up, alongside sliding Chinese stocks triggered by a sudden fall in the currency. China's yuan weakened to a four-month low on Friday and breached the psychologically important 7.2 per dollar level.