INSIDE ASIA: China Lowers Yuan Rate, Japan Factory Output Rises
(Bloomberg) -- China cuts yuan reference rate by most since Jan. 7; nation halts two outbound investment programs, FT reports; new Plaza accord deal unrealistic, PBOC Deputy Governor Yi tells Xinhua, though coordination will go toward eliminating excessive fluctuations in FX.
- Yen snaps three-day drop; Japan’s industrial production rose 3.7% in January, most since January 2015; median estimate was for 3.2% gain from December; BOJ will lower rates “if necessary,” Kuroda tells Caixin
- U.S. Treasuries rise, with yield on 10-year bonds falling 2 bps to 1.747% in Asian trading; data today will show U.S. Chicago purchasing manager index dropped to 52.5 in February from 55.6 in January, according to median estimate of economists in Bloomberg survey
- Won falls; South Korea’s non-manufacturers’ confidence falls to 67 for March, lowest level in eight months; U.S.’s Lew stresses need for FX flexibility with Korea’s Yoo; South Korea, China discuss extending bilateral currency swap due to expire in Oct. 2017: Maeil
- Ringgit declines; Malaysia’s ruling party suspends Deputy President Muhyiddin Yassin as Najib cements hold
- Baht steady; data today will show Thailand’s balance-of- payments surplus narrowed to $2.98b from $4.88b in December, according to median estimate of economists in Bloomberg survey
- Kiwi drops for second day against dollar; New Zealand’s ANZ business confidence falls to 7.1 in February, lowest in four months; building permits dropped 8.2% in January, biggest decline since September 2014; GDP growth may be faster than December outlook: Treasury Department
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