02072016Sun
Last update: Sun, 07 Feb 2016 01pm

Asia

Markets - FXMM - Asia

Emerging markets currencies rise on upbeat China data TOKYO: Higher risk currencies rose in line with a regional stock rally Wednesday as an upbeat Chinese trade report provided some rare confidence to regional markets.The Malaysian ringgit, Australian dollar and Indonesian rupiah led advances against the dollar, while traders also shifted out of the safe-haven yen in the most positive trading day of 2016.Global markets have been in freefall since the beginning of the year, owing to increasing worries about a growth slowdown in China -- a key driver of world growth -- and plunging oil prices.That sparked a flight to low-risk assets such as the dollar and yen.But, on Wednesday, news that China's exports had picked up in December was mixed with a rebound in oil prices from 12-year lows below $30."It looks as if the situation in China has been put in order for the time being, but with oil still a worry, it's difficult for risk ...

Markets - FXMM - Asia

China replaces foreign exchange agency chief SHANGHAI: China has "removed" the head of its foreign exchange agency, the government said on Tuesday, following turbulence in the yuan currency caused by what some analysts have called a policy blunder.Yi Gang had been replaced as the head of the State Administration of Foreign Exchange (SAFE) to be replaced by Pan Gongsheng, a deputy governor of the central People's Bank of China (PBoC), according to a statement on the central government's website.No reason was ...

Markets - FXMM - Asia

Taiwan dollar ends at weakest level in more than six years TAIPEI: The Taiwan dollar closed at its weakest level against the US dollar in more than six years on Tuesday, weighed by concerns over China's market crisis. The currency weakened by T$0.016 to T$33.667, a level not seen since 2009. Copyright Reuters, 2016 ...

Markets - FXMM - Asia

Dollar rises against emerging currencies as risk sentiment recedes TOKYO: The dollar advanced against emerging market currencies Tuesday as declining risk sentiment engulfed Asia, amid fears about the weak outlook for the Chinese economy.A sell-off in Chinese stocks last week sent shock waves through international trading floors, as investors remain worried about low global demand for commodities on the back of slower growth in the world's number two economy."Everyone rational wants to sell, while everyone official has been told to buy," Michael Every, Hong ...

Markets - FXMM - Asia

China's offshore yuan rebounds by nearly 500 pips from day's lows HONG KONG: China's offshore yuan rebounded by nearly 500 pips from the day's lows in afternoon trade on Monday, as a shortage of cash worsened in the offshore market after suspected intervention from the central bank.Hong Kong Interbank Offered Rates for offshore yuan (CNH HIBOR) all hit record highs on Monday, with the overnight rate spiking to over 13 percent. Copyright Reuters, 2016 ...

Markets - FXMM - Asia

Sri Lankan rupee steady in dull trade; stx down on uncertainties COLOMBO: The Sri Lankan rupee was steady on Monday in dull trade as cautious investors waited on the side lines due to local and global uncertainties, dealers said. The rupee was at 143.75/80 per dollar at 0645 GMT, little changed from Friday's close of 143.75/85. It hit a record low of 144.30 on Jan. 5."The FX market is very dull, nothing is happening due to the uncertainty," said a currency dealer on condition of anonymity.The ...

Markets - FXMM - Asia

Dollar up against yen, but eyes on yuan amid China turmoil SINGAPORE: The dollar rose against the yen in volatile Asian trade Monday but all eyes were on the yuan as China moves to calm a stock market turmoil.A massive plunge in Chinese stocks last week and a decline in the yuan after authorities weakened its value roiled global equities and further raised concerns about the growth slowdown in the world's second-biggest economy.Despite China's efforts to bring calm, including setting the central rate for the yuan ...