INSIDE ASIA: Yuan, Won Strengthen as Regional Equities Rebound
Source: BFW (Bloomberg First Word)
People
Moh Sim (ING Groep NV)
Amando Tetangco (Bangko Sentral ng Pilipinas)
Ming Ming (CITIC Securities Co Ltd)
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UUID: 7947283
(Bloomberg) -- Korea’s won and China’s yuan gain as a rise in local stocks improves risk sentiment, while Japan’s yen drops ahead of Fed Vice Chairman Fischer’s Bloomberg TV interview.
Alert: HALISTER1- USD/Asia struggling to hold ground after Treasury yields overnight reversed much of their recent up-move, Moh Siong Sim, FX strategist at Bank of Singapore says
- China’s yuan gains as PBOC raises reference rate
- Yuan faces depreciation pressure from high USD Libor as Chinese corporates rush to pay offshore floating-rate debt in advance, Citic Securities head of fixed income research Ming Ming writes in note; room for RRR and interest-rate cuts are limited, as yuan is under pressure
- Yen drops for fifth day against dollar, in longest losing streak since late March, as USD/JPY is bought by Asia-based leveraged funds ahead of option expiries, says a trader
- Finance Ministry should “courageously” intervene in FX markets to stem the yen’s appreciation, an adviser to PM Abe, says in editorial
- Aussie falls against dollar as Australia ANZ Roy Morgan consumer confidence slips 2.8% to 118.4 for week ended Aug. 28
- Kiwi little changed against dollar; New Zealand’s July building permits fell 10.5% m/m, biggest drop in four years
- New Zealand economy doing well relatively well, patience needed on inflation, says RBNZ Assistant Governor McDermott; a zero cash rate is unlikely,
- Won pares yesterday’s slide before release of Bank of Korea meeting minutes
- South Korea’s July discount store sales rose 2.1% y/y, most in 6 mos.
- South Korea’s aging population is a more difficult challenge than responding to Fed rate increases and rising household debt, BOK Governor Lee says
- Peso drops after yesterday’s Philippine holiday, playing catch-up with regional peers
- Peso still moving with region, and sound macroeconomic fundamentals will provide anchor to local currency, says Bangko Sentral ng Pilipinas Governor Tetangco
- Also said the bank “will not necessarily have to move in sync with the Fed” should it hike in Sept. or Dec., as Yellen’s comments indicated, Tetangco said on Aug. 27
- Rupiah little changed
- Indonesian central bank is assessing plan to average primary reserve requirement, Yati Kurniati, head of macroprudential research, said yesterday
- International funds were net sellers of 471b rupiah ($35.5m) in Indonesian bonds on Aug. 26, according to finance ministry data; net sellers of $11.4m in local equities yesterday, according to exchange data
Source: BFW (Bloomberg First Word)
People
Moh Sim (ING Groep NV)
Amando Tetangco (Bangko Sentral ng Pilipinas)
Ming Ming (CITIC Securities Co Ltd)
To de-activate this alert, click here
UUID: 7947283