02072016Sun
Last update: Sun, 07 Feb 2016 06am

Asia

Markets - FXMM - Asia

Emerging currencies broadly rise against dollar TOKYO: Emerging market currencies got a cautious boost on Monday after the People's Bank of China (PBoC) raised the yuan currency's daily reference rate against the dollar.Markets are now nervously awaiting the release Tuesday of Chinese economic growth data for the fourth quarter of last year, with analysts surveyed by AFP forecasting the slowest growth rate in 25 years over 2015 as a whole, and a further slowdown this year.The median prediction in the poll of 18 economists put expansion at 6.9 percent in 2015 -- down from 7.3 percent the year before.On Monday, the PBoC increased its reference rate for the yuan by 0.07 percent -- the most since the middle of last month. Emerging market currencies, including the South Korean won and Thailand's baht, booked gains against the dollar following the yuan reference rate fixing.Taiwan's dollar also rose after president-elect Tsai Ing-wen vowed to overhaul the country's flagging ...

Markets - FXMM - Asia

Yen loses steam as yuan firms after China's anti-speculation move SINGAPORE/SYDNEY: The safe haven yen shed Monday's earlier gains after China's central bank unveiled a fresh step to curb offshore speculation in the yuan and also set a firmer guidance rate, soothing worries about the risk of a rapid fall in the yuan. The yuan's slide to a near-five year low earlier this month had stirred renewed concerns about China's economic health and the outlook for global growth, heightening investor risk aversion.Such concerns about the ...

Markets - FXMM - Asia

China to raise offshore yuan reserve requirements for some banks-sources SHANGHAI: China's central bank is preparing to raise the reserve requirement ratio for yuan deposits placed in yuan clearing banks from Jan. 25 in its latest bid to stem speculation in the currency, according to three sources who have seen the document outlining the change.The People's Bank of China (PBOC), which had established the reserve requirement ratio (RRR) for offshore yuan participating banks in 2014, will return the rate to a normal level, the sources ...

Markets - FXMM - Asia

Emerging currencies lifted by oil, equity market rebound TOKYO: Emerging currencies climbed Friday as investors moved into riskier assets following a rebound on key equity markets and as oil prices rallied from multi-year lows.The advances came towards the end of another volatile week across trading floors, where have seen trillions wiped off valuations since the beginning of the year.Confidence was given a boost by Wall Street's rally Thursday, which came on the back of a recovery in oil prices after falling below $30 ...

Markets - FXMM - Asia

Hong Kong's dollar falls sharply in late trade HONG KONG: The Hong Kong dollar dropped sharply to a more than 4-year low in late Asian trade on Thursday, tracking a decline in the Chinese currency in the offshore market.Traders reported funds selling the Hong Kong dollar against the greenback with some companies also pulling back from converting their offshore yuan deposits into the local dollar.In late afternoon trade, the local dollar suddenly slumped to 7.7810 per dollar, its lowest since December 2011 from ...

Markets - FXMM - Asia

Chinese yuan slips amid global gloom, stocks stage late rally SHANGHAI: China's yuan currency slipped despite the efforts of the authorities on Thursday, as the gloom in global markets obscured signs that China's economy may not be weakening as fast as some investors had feared.After a fragile morning, the country's stock markets finished strongly, though they remain sharply down for the year and just a few percentage points above their lowest ebb during last summer's crash, a level some say Beijing would pull out the ...

Markets - FXMM - Asia

Yen picks up, emerging units fall as sentiment sours TOKYO: The yen rallied in Asia Thursday as traders fled higher-risk assets, pushing down emerging currencies as a rout that has swept global markets at the start of the year resumed.Regional equities plunged as jittery investors reacted to a slump on Wall Street as oil saw another drop and the Federal Reserve released a lukewarm report on the US economy. Global markets have been in freefall since the beginning of the year, largely on the ...