EM ASIA FX-Sing Dlr, Won Lead Weekly Asia FX Gains On China Hopes


SINGAPORE: Emerging Asian currencies rose on Friday to notch up weekly gains as upbeat China data raised hopes that the world's second-largest economy is beginning to find its feet after over two years of slowing growth.

The Singapore dollar and the South Korean won have led weekly gains in the region, according to Thomson Reuters data.
 
The city-state's currency has risen 1.1 percent against the U.S. dollar with local financial markets closed for holidays on Thursday and Friday.
 
 The won completed the week with a 1.0 percent advance on the back of demand from offshore funds and exporters.
 
 The Taiwan dollar has appreciated 0.7 percent and the Thai baht has gained 0.6 percent. The Indian rupee rose 0.4 percent.
 
 Both the Philippine peso and the Malaysian ringgit rose 0.1 percent in a shortened week due to holidays.
 
 In the previous week, most emerging Asian currencies fell as the dollar got a boot on the view that the
 Federal Reserve may start scaling back its bond-buying programme soon.
 
But weaker-than-expected July U.S. nonfarm payrolls prompted a rethink about the timing of the Fed stimulus reduction, which in turn forced investors to cover short positions in regional units.
 
 Emerging Asian currencies have taken a hit this year on the U.S. stimulus worries and a slowing China economy.
 
 China's industrial output rose a stronger-than-expected 9.7 percent in July from a year earlier, adding to evidence that the economy may be starting to stabilise after a recent slowdown.
 
 That came a day after surprisingly strong rebounds in China's exports and imports in July.
 
 The country is the largest exports market to many Asian countries including South Korea and Taiwan. - Reuters


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