Asian forex: South Korean won gains, most others subdued

South Korea's won rose sharply on Wednesday after domestic policy measures to boost dollar liquidity helped ease credit concerns, while most other Asian currencies were range bound amid lingering concerns related to the coronavirus outbreak.
Tracking sharp gains in local equity markets, the won advanced as much as 1.8% to 1,227 against the greenback, its strongest level in more than a week.
The Thai baht weakened as much as 0.3% during the session before paring some losses.
The Chinese yuan eased slightly, while the Philippine peso weakened 0.7%, its worst intraday performance in more than a week.
Meanwhile, the Malaysian ringgit strengthened 1% to 4.385 per dollar.
Bank Negara Malaysia said the central bank has enough liquidity to ease financial strains and support intermediation activities, while it will continue to supply daily ringgit liquidity to banks via various tools under its open market operations. Financial markets in India and Indonesia were closed for a holiday.