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Japan:
Second India-Japan strategic dialogue on economic issues
China:
India-Brazil-South Africa to cooperate in health sector
South Korea:
South Korea Gives US Beef The All Clear
India:
Indian government approves re-structured APDRP
Pakistan:
Restoration of Indo-Pak dialogue to push trade
Singapore:
India-Brazil-South Africa to cooperate in health sector
Thailand:
Fastest Growth for Thailand Economy in Six Quarters
Taiwan:
Taiwan Enjoy Expanded Trade Surplus
Indonesia:
Central Bank Chief Of Indonesia Detained
Malaysia:
Malaysia economy grows and banking liberalises
China revaluation benefits Asian currencies
by Brian TurnerAs predicted, China’s revaluation of its currency has benefited other Asian currencies, at least temporarily.
While analysts say that the currencies, some of which rose sharply after Beijing’s announcement on Thursday, will continue to rise for several weeks, so called “hot money” that has been flowing into Asia betting on a revaluation could begin to leave the region.
This could have an adverse effect on Asian currencies in the long run.
However, an analyst at JP Morgan said that Chinese currency could be expected to gain 7 percent by the end of the year, and that this would exert pressure on other Asian currencies to keep rising even in the absence of “hot money”.
Analysts believe that the Singapore dollar, the South Korean won, and the Taiwan dollar will be the currencies to benefit most from China’s move.
Although China’s announcement on revaluation came after Asian markets had closed for the day, trade in other markets showed Asian currencies rising.
The Singapore dollar gained 2.2 percent on the US dollar to 1.6498 to the dollar, the South Korean won was up to 1,025 to the dollar, a gain of 1.5 percent, and the Taiwan dollar was up to 31.65 to the dollar.
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