07242016Sun
Last update: Sun, 24 Jul 2016 12am

Asia

Markets - FXMM - Asia

China shows commitment to move to market-driven exchange rate CHENGDU: China has demonstrated commitment to moving toward a market-driven exchange rate, said a senior US Treasury official, speaking on the sidelines of a meeting of G20 finance ministers and central bankers in Chengdu on Saturday. However, a key test will be whether the yuan is allowed to appreciate in value in response to market pressures, the official told journalists, adding that the renminbi has been moving in response to market factors."They have been exercising policy in a way that has been more clear than it was even a year ago. That's an important step," he said, noting that China in recent months had intervened in currency markets to keep the yuan from falling.He also said he saw a path for China to manage a soft landing for its economy."I don't think it was ever realistic to think that China would grow at double-digit rates forever. The question is whether ...

Markets - FXMM - Asia

China's yuan firms a 4th day, biggest weekly gain since April likely SHANGHAI: The yuan edged up against the dollar for a fourth straight day on Friday, heading for its biggest weekly gain since April, as traders said state-owned banks were suspected of supporting the currency in the morning.This week has seen heavy intervention by those banks after the yuan breached a key psychological level of 6.7 on Monday.Friday is the last trading day before the Group of 20 finance ministers and central bankers meet in Chengdu, ...

Markets - FXMM - Asia

South Korean won ends slightly firmer, stocks soften SEOUL: The South Korean won ended slightly firmer on Friday and stocks ticked lower, as the market took a cautious stance ahead of central bank meetings in the United States and Japan. The won was quoted at 1,134.4 to the dollar at the conclusion of onshore trade, up 0.1 percent compared with Thursday's close of 1,135.9.The Korea Composite Stock Price Index (KOSPI) closed down 0.1 percent at 2,010.34 points.On a weekly basis, the currency barely ...

Markets - FXMM - Asia

Sri Lankan rupee gains on dollar selling by state bank; stocks up COLOMBO: The Sri Lankan rupee rose on Friday as dollar selling by a state-run bank surpassed mild importer demand for the greenback. One-week rupee forwards, which have been acting as a proxy for the spot rupee, were at 145.80/146.00 per dollar at 0544 GMT, compared with Thursday's close of 146.30/40."I don't see huge demand, buyers are staying away as a state banks is selling (dollars)," said a currency dealer, asking not to be named.Central bank ...

Markets - FXMM - Asia

Yen edges down after 'helicopter money' rally TOKYO: The yen edged lower Friday after a rally in New York sparked by Japan's central bank chief dashing hopes for so-called 'helicopter money' stimulus.The Japanese unit soared Thursday after the BBC aired a month-old interview with Bank of Japan governor Haruhiko Kuroda in which he said there was "no need and no possibility" for such a package to boost the economy.The strategy of helicopter money sees the bank funnel cash directly into the economy, ...

Markets - FXMM - Asia

Yen slides on Japanese stimulus bets TOKYO: The yen on Thursday slid to its lowest level in about six weeks on expectations of fresh stimulus from the Japanese government and central bank, ahead of a European Central Bank meeting later in the day.Japan's currency has lost most of the sharp gains it made in reaction to Britain's June 23 vote to exit the European Union, which sparked buying of safe assets.On Thursday, Japanese media said Tokyo was readying a package of ...

Markets - FXMM - Asia

Sri Lankan rupee ends weaker on importer dollar demand COLOMBO: The Sri Lankan rupee ended weaker on Wednesday due to dollar demand from importers, even as a top central bank official said proceeds from a sovereign bond issue, which dealers say would lift the local currency, have flowed in. "Once the money comes in, it is obviously part of our reserves," Central Bank Deputy Governor Nandalal Weerasinghe told Reuters on Wednesday, adding the $1.5 billion raised from the bond issue has already come into ...