05302016Mon
Last update: Mon, 30 May 2016 11am

Asia

Markets - FXMM - Asia

HKEx to launch more yuan currency futures contracts by June HONG KONG: The Hong Kong Exchanges and Clearing Limited plans to introduce additional Renminbi currency futures contracts by June to provide more instruments to hedge foreign exchange risk. These new contracts will include euro-yuan, yen-yuan, Australian dollar-yuan which will be settled in the yuan, and yuan-US dollar futures that will be settled in the US dollar, the bourse said in a statement."Cash-settled yuan currency futures are part of our plan to expand our product portfolio across asset classes," said Romnesh Lamba, the stock exchange's co-head of market development."These new products help extend and deepen our value proposition as the yuan is used more widely around the world."Trading hours for these futures are 9:00 am to 4:15 pm, with after hours trading from 5:00 pm to 11:45 pm.Investors' need to hedge currency risk has increased significantly, especially after a depreciation of the yuan last August caught many market participants off guard.The ...

Markets - FXMM - Asia

South Korean won cuts gains on increased dollar demand; stocks reverse SEOUL: The South Korean won cut early gains as dollar demand increased on foreigners' repatriation of dividend payouts. The local currency was quoted at 1,135.2 to the dollar at the conclusion of onshore trade, up 0.1 percent compared to Tuesday's close of 1,136.3.South Korean shares changed course to finish lower after peaking to the highest level in 2016 early in the session.The Korea Composite Stock Price Index (KOSPI) closed down 0.3 percent at 2,005.83.Offshore investors, ...

Markets - FXMM - Asia

Sri Lanka 5-day rupee forwards edge down on importer dollar demand COLOMBO: Sri Lankan five-day rupee forwards dropped lower Tuesday on importer dollar demand even as a state-run bank prevented further falls in the currency by selling the greenback, dealers said.The forwards, which are known as spot next and act as a proxy for the spot currency, ended at 146.50/60 per dollar, compared with Monday's close of 145.85/146.00."Demand (for dollars) is there. A state bank sold dollars from 146.20 to 145.70," said a currency dealer requesting ...

Markets - FXMM - Asia

Commodity-linked currencies surge on more confident mood TOKYO: Commodity-linked currencies surged on Tuesday as market sentiment improved after disappointment over failed oil talks gave way to hope for the global economy.The more buoyant mood provided strong support to higher-yielding, riskier units, pushing the Australian dollar to around its highest level in 10 months against its US counterpart."The risk environment has turned positive," Sim Moh Siong, a foreign-exchange strategist at Bank of Singapore, told Bloomberg News."This is why commodity currencies have outperformed with ...

Markets - FXMM - Asia

Sri Lanka 5-day rupee forwards end weaker on dollar demand COLOMBO: Sri Lankan five-day rupee forwards ended weaker on Monday as importer dollar demand surpassed greenback sales by exporters, while dollar sales by a state bank limited the fall, dealers said.The forwards, known as spot next and which acts as a proxy for the spot currency, ended at 145.85/146.00 per dollar weaker from Friday's close of 145.20/40."Rupee ended weaker on lack of liquidity. There were no conversions from remittances and exporters; but the moderate demand ...

Markets - FXMM - Asia

China's yuan weakens on robust corporate dollar demand SHANGHAI: The yuan edged lower on Monday despite the central bank setting a firmer official guidance rate, as traders reported robust dollar demand from industrial companies."There was a bout of heavy dollar buying right after the trade open," said a trader at a Chinese commercial bank in Shanghai. "And the trend continued while state banks were believed to stay on the sidelines."As the economy slows, damping investment opportunities at home, Chinese companies have rushed to ...

Markets - FXMM - Asia

Yen rallies, emerging currencies dive after oil talks fail TOKYO: The yen rallied on Monday in Asia while emerging currencies slumped after the collapse of weekend talks between key producers in Doha aimed at capping output.Hopes had been high that a deal could be reached to address a global crude glut that has hammered the commodity for the past two years, battering world markets and energy companies.But Saudi Arabia said it would not take part in a collective freeze that did not include major ...