HALISTER1: INSIDE ASIA: China Won’t Devalue Yuan to Boost Exports, Li Says

INSIDE ASIA: China Won’t Devalue Yuan to Boost Exports, Li Says

(Bloomberg) -- China weakens yuan fixing by most since January 7; depreciation pressure on the currency does exist, PBOC adviser Huang Yiping says in Boao, Hainan; U.S. Treasury Secretary Jacob Lew and Chinese Vice Premier Wang discussed China’s orderly shift to market-set FX rate; Premier Li says authorities won’t devalue yuan to boost exports.
  • Yen falls against dollar; one BOJ Board Member says undoing negative rate isn’t an option, while another member said it’s preferable but this would be risky so soon after its introduction, according to notes from the: March 14-15 meeting
    • Nikkei reports that the BOJ has turned its focus from money supply to holding down rates
  • Won falls for second day; North Korean threats on South Korean President Park Geun Hye and the presidential house is a “frontal attack,”: South Korean presidential website
    • North Korea says it successfully tested solid-fuel rocket engine
  • Kiwi falls for a fifth day against dollar; New Zealand’s trade surplus widened to NZ$339m ($227m) in February, most since May; median estimate was for NZ$90m
  • Baht drops for fifth straight day; central bank says it is prepared to act on the currency if necessary
  • Ringgit snaps two-day drop; Bank Negara Malasia governor Zeti says he wants to bring closure to the 1MDB case and hand over a clean slate to next central bank chief
    • Nation likely to be confronted by volatile movements of capital flows, BNM said in an annual economic report after close yesterday
    • Petronas cost cutting program to generate 2b ringgit ($496m) savings: Star
  • Singapore’s dollar drops for a second day; data today will show industrial production dropped 1.5% from year earlier in February, the smallest decline since May, according to the median estimate of economists in Bloomberg survey
  • Taiwan’s dollar bucks regional declines; island’s central bank will cut the benchmark rate by 12.5 bps to 1.50%, according to 22 of 26 economists surveyed by Bloomberg; three predict 25-bps cut to 1.375% and one sees no change at 1.500% today
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Jacob Lew (United States Department of the Treasury)
Park Geun (Republic of Korea)

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