Yuan forwards fall as Europe's woes worsen

BEIJING - Yuan forwards fell on concern the eurozone's deepening debt crisis may derail the global economic recovery and prompt China to delay appreciation of its currency.

Standard & Poor's Ratings Services on Tuesday cut Greece's credit rating by three notches to junk, the first time a euro member has lost its investment grade since the currency's debut.

The firm also slashed Portugal's ratings by two steps to 'A-'. Global stock markets slumped, and the Chicago Board Options Exchange Volatility Index, popularly known as the fear gauge, jumped the most since October 2008.