04292016Fri
Last update: Fri, 29 Apr 2016 10pm

Asia

Markets - FXMM - Asia

China's yuan weakens after S&P downgrade, but offshore squeeze eases SHANGHAI: China's yuan weakened on Friday as a cut in the country's credit rating by S&P offset stronger-than-expected growth in China's March manufacturing activity.The offshore yuan also slid more sharply, but signs of short-term liquidity stress in the offshore market evaporated, with the implied overnight deposit rate for CNH rising 0.726 percent after tanking as much as -27 percent on Thursday."Today the offshore yuan was hit by the S&P downgrade, while the onshore market mainly followed the PBOC's midpoint," said a trader at a Chinese commercial bank in Shanghai.Traders said the phenomenon was largely due to Chinese banks dumping their CNH deposits into the market on the last day of the quarter in order to avoid having them included in new reserve requirement ratio calculations.Offshore yuan traded in Hong Kong softened 0.1 percent to 6.471 per dollar in late morning trade. If it closes at that level, it will mark ...

Markets - FXMM - Asia

Dollar struggles ahead of US jobs report TOKYO: The dollar struggled Friday as markets focus on US jobs data later in the day, after the Federal Reserve chief threw cold water on hopes for an imminent rate hike.The payrolls report will give a key clue about the state of the world's top economy, with a strong reading likely to reignite hopes that the Fed will lift borrowing costs this year, after a December hike.The greenback has fallen against all its 16 major ...

Markets - FXMM - Asia

Fading US rate hike views spur Asia FX gains SINGAPORE: Most emerging Asian currencies rose on Thursday, adding to monthly and quarterly gains, as waning expectations of near-term US interest rate hikes spurred investors to seek higher yields in the region.The Chinese yuan climbed as the central bank set its daily guidance rate at its strongest this year. The renminbi was set to post its largest quarterly gain since July-September 2014.Malaysia's ringgit hit a more than seven-month high to enjoy the best month in ...

Markets - FXMM - Asia

Sri Lankan five-day rupee forwards firm up on dollar selling by state bank COLOMBO: Sri Lankan five-day rupee forwards rose on Thursday as dollar selling by a state bank offset heavy demand for the greenback by importers, dealers said.The forwards, which act as a proxy for the spot currency and are called spot next, traded at 146.60/80 per dollar at 0916 GMT, firmer from Wednesday's close of 149.25/35.The spot rupee, which has not been active since Jan. 27, did not trade. The central bank has fixed the spot ...

Markets - FXMM - Asia

China's yuan more widely adopted to settle transactions: SWIFT LONDON: China's yuan is increasingly being used by financial institutions worldwide to settle payments with counterparties in China and Hong Kong, the global transaction services organisation SWIFT said on Wednesday.The yuan, also known as the renminbi, remained the fifth most used currency for global payments by value in February with a market share of 1.76 percent, according to SWIFT.Data from the organisation showed that in February, 1,131 banks were using the yuan for payments, representing ...

Markets - FXMM - Asia

Yellen's cautious stance on US rate hike lifts Asia FX SINGAPORE: Most emerging Asian currencies rose on Wednesday as Federal Reserve Chair Janet Yellen's cautious stance on monetary policy tightening fanned expectations of slower US interest rate hikes.Yellen, in a speech on Tuesday, stressed the need to be cautious in raising rates and highlighted external risks such as low oil prices and slow growth abroad.Her comments were in contrast to those of Fed policymakers, who recently had fanned expectations for more tightening.The Chinese yuan gained ...

Markets - FXMM - Asia

Sri Lankan rupee forwards decline; further fall expected COLOMBO: Sri Lankan rupee forwards fell for a sixth straight session on Wednesday as importers bought dollars at record low levels amid low liquidity, dealers said.Exporters were reluctant to sell the greenback as they expect further fall in the currency and there was no positive impact on the rupee after the central bank's announcement of plans to raise $3 billion via sovereign bonds, dealers said.Analysts, however, said the bond sale could bring a little stability ...