SINGAPORE: Emerging Asian currencies rose on Monday as US and China data pointed to a strengthening global economic recovery, while the yuan jumped after the central bank fixed the daily midpoint surprisingly higher.
The South Korean won touched a near six-year peak on sustained stock inflows, while offshore funds and local exporters chased the currency.
Intervention by the country's foreign exchange authorities capped its upside, traders said.
The Malaysian ringgit hit a near seven-month high, tracking its strength in non-deliverable forwards (NDFs) on demand from hedge funds.
Malaysia's Prime Minister Najib Razak earlier announced steps to liberalise the country's financial sector, removing barriers faced by foreign-owned fund managers and easing ratings requirements for the corporate bond market.
The Thai baht advanced to levels seen before the May 22 military coup on demand from both offshore and local investors as public protests against the junta dwindled.
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