01172017Tue
Last update: Tue, 17 Jan 2017 10pm

Asia

Markets - FXMM - Asia

China urges calm on yuan after US rate hike SHANGHAI: The mouthpiece of China's Communist Party said Friday there was "no need to worry too much" about downward pressure on the yuan as the currency wallows at more than eight-year lows against the dollar.China has been struggling to prop up the falling unit in the face of a huge flight of capital from the country as the prospects of better and safer returns in the United States entice investors away.And the central People's Bank of China faces further headwinds after the Federal Reserve on Wednesday hiked borrowing costs and indicated three more next year, leading to warnings from analysts of further outflows of cash.However, in a commentary on Friday the People's Daily said many fear the US hike "will put further depreciation pressure on the yuan, increasing the capital outflow", but "there is no need to worry too much".The call for calm came as the PBoC set the value ...

Markets - FXMM - Asia

China's yuan falls to 8-1/2-year low after Fed tightens policy HONG KONG: China's yuan fell to its weakest in 8-1/2 years on Thursday after the US Federal Reserve signalled a faster pace of rate hikes, raising concerns of more capital outflows at a time when Asia's economic powerhouse shows signs of stabilising.The Chinese currency drifted lower even as state-owned banks sold dollars and the authorities stepped up their defence. Borrowing rates for the yuan rose in both onshore and offshore markets, suggesting the authorities were ...

Markets - FXMM - Asia

China's yuan falls to over 8-year low on dollar strength HONG KONG: China's yuan fell to its weakest level in more than eight years against a broadly stronger US dollar on Thursday after the Federal Reserve raised interest rates and also projected more interest rate increases than earlier expected.Traders say China's central bank set a much stronger yuan midpoint than expected to counter market expectations for a faster depreciation, and big state-owned banks also supported the yuan by offering dollars.The People's Bank of China set ...

Markets - FXMM - Asia

Indian rupee, bonds slide on Fed stance, but shares gain MUMBAI/BENGALURU: The Indian rupee fell to a one-week low on Thursday, while bonds also slumped after the U.S Federal Reserve signalled a faster-than-expected pace of tightening next year, raising concerns about outflows from emerging markets.There was no sign of Reserve Bank of India intervening in the currency market, but dealers said the central bank could step in if the rupee fell sharply.The rupee fell to as low as 67.8350 to the dollar, the lowest since ...

Markets - FXMM - Asia

Asian currencies fall, yuan hits 8-year low after Fed's signal SINGAPORE: Emerging Asian currencies slid against the dollar on Thursday, with the Chinese yuan hitting an eight-year low after the US Federal Reserve raised interest rates and signalled a faster pace of rate increases in 2017.The Singapore dollar fell to 1.4436 per US dollar earlier on Thursday, its weakest since January. Traders later sold the US dollar to book profits from the greenback's rally, helping the Singapore currency come off lows.Chinese state-owned banks were seen ...

Markets - FXMM - Asia

Sri Lankan rupee weakens as central bank raises reference rate after Fed move COLOMBO: The Sri Lankan rupee edged lower on Thursday as the central bank raised the spot reference rate further, a day after the U.S. Federal Reserve hiked interest rates by 25 basis points, dealers said.The Fed raised interest rates on Wednesday and signalled a faster pace of increases in 2017 as central bankers adapted to the incoming Donald Trump administration's promises of tax cuts, spending and deregulation.Asian shares and currencies struggled on Thursday after the ...

Markets - FXMM - Asia

Dollar at 14-year peak as Fed rejuvenates Trump-rally, emerging FX on back foot TOKYO: The dollar rose to a 14-year peak against a basket of major currencies on Thursday after the Federal Reserve boosted the number of projected interest rate hikes for 2017, rejuvenating the month-long Trump rally and knocking emerging market currencies.The Fed's 25 basis-point interest rate increase on Wednesday was widely anticipated by financial markets though they appeared to have been caught out by the central bank signal of three hikes in 2017, up from around ...