SINGAPORE: The Chinese yuan hit a near five-month high on Monday and most other emerging Asian currencies also strengthened as easing geopolitical tensions over Ukraine supported risk appetites.
The yuan started the domestic session at 6.1520 per dollar, its highest since March 17, as the central bank set a stronger official rate and as investors increased bullish bets on recent encouraging economic data.
Indonesia's rupiah tracked its overall strength in non-deliverable forwards (NDFs) markets on strong demand from overseas funds. Jakarta shares also rose.
The South Korean won and the Philippine peso rose as investors rushed to cover short positions.
The Malaysian ringgit advanced as data showed industrial output in June rose a better-than-expected 7.0 percent from a year earlier.
Asian stocks gained on a Wall Street's Friday rally after Russia said it had finished military exercises in southern Russia, which the United States had criticized as a provocative step amid the Ukraine crisis.
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