Central banks defend currencies as they fall

Bank Indonesia governor Perry Warjiyo reacts before a media briefing at Bank Indonesia headquarters in Jakarta, Indonesia August 15, 2018. - Reuters

PETALING JAYA: Central banks in Asia from at least two countries - Hong Kong and Indonesia - have intervened to stabilise their currencies following the plunge in the Turkish lira.

Asia’s two largest economies - China and India - also saw their currencies depreciate as concerns mount on the combination of the strengthening dollar and global trade wars, leading to emerging-market currencies coming under pressure.