Asian currencies declined this week, led by South Korea’s won, on speculation record oil prices will dampen growth in Asia and prompt overseas funds to sell assets.
The won had its biggest weekly loss in a month as South Korean Finance Minister Kang Man-soo said the country faced mounting difficulties stemming from surging oil prices, with crude trading near a record US$139.12 a barrel. Six of the 10 most-traded Asian currencies outside of Japan fell this week.
South Korea’s currency fell 1.7 percent this week to 1,041 against the US dollar as of the 3pm close in Seoul on Friday, according to Seoul Money Brokerage Services Ltd. The won has dropped 10.1 percent versus the dollar this year, the second-worst performer in the region.
The New Taiwan dollar fell 0.4 percent to NT$30.451 against the US currency this week.
Singapore’s dollar lost 1.1 percent to S$1.3791, while Indonesia’s rupiah traded little changed at 9,313.
Malaysia’s ringgit fell for a third week on concern investors will sell local assets as the government braces for public protests against its fuel-price increase.
The ringgit traded at 3.277 per US dollar compared with 3.2585 last week, according to data compiled by Bloomberg.
The Philippine peso rose 0.2 percent to 44.4 per US dollar on Friday, according to Tullett Prebon PLC.
It has dropped 0.8 percent in the past five trading sessions, rounding off its ninth weekly loss.
The peso may fall to 45.80 next quarter as investors lose confidence in the nation’s ability to manage its budget, JPMorgan Chase & Co said.
Elsewhere, the Vietnamese dong slumped 2.1 percent this week to 16,620 as the central bank set a 2 percent weaker reference rate on June 11 to curb currency speculation.
Thailand’s baht lost 0.2 percent to 33.21 per dollar.
SCHEDULE: The delegation is due to meet with President Tsai Ing-wen this morning and witness the signing of an MOU on bilateral health cooperation in the afternoon US Secretary of Health and Human Services (HHS) Alex Azar yesterday arrived in Taipei aboard a US government plane at the head of a delegation that is the highest-level visit by a US official since Washington switched diplomatic recognition to China in 1979. Azar’s flight landed at Taipei International Airport (Songshan airport) at 4:48pm, nearly one hour earlier than scheduled, the Ministry of Foreign Affairs said. The apron where it landed is reserved for military aircraft, the Songshan Air Force Base Command said. The members of Azar’s delegation included HHS Assistant Secretary for Preparedness and Response Robert Kadlec, HHS Chief of Staff Brian
ALEX AZAR: The first visit by a head of the Department of Health and Human Services would strictly observe the CECC’s special regulations, the Ministry of Foreign Affairs said US Secretary of Health and Human Services (HHS) Alex Azar is to lead a delegation to Taiwan — the highest-level visit by a US Cabinet official since the two sides cut formal relations in 1979. The plan was announced yesterday morning by the US Department of Health and Human Services and confirmed by the Ministry of Foreign Affairs (MOFA). Beijing has expressed its concerns to Washington, Chinese Ministry of Foreign Affairs spokesman Wang Wenbin (汪文斌) said later yesterday. Taiwan and the US only issued statements saying that the visit would happen “in the coming days.” MOFA said that due to security concerns, it would
‘CROSS-STRAIT CONSIDERATIONS’: Groups said that the Ministry of Education’s policies excluded Chinese and students should not be blocked over political issues The Taiwan International Student Movement yesterday said it would protest today outside the Ministry of Education in Taipei against a policy that excludes some Chinese students from returning to Taiwan amid the COVID-19 pandemic. Since June 17, the ministry has allowed foreign students from 19 “low risk” and “medium-low risk” countries and regions to enter Taiwan. On July 22, it announced that it was relaxing restrictions to include students from all countries and regions who are graduating this semester and on Wednesday it further expanded entry to students enrolled in degree programs. A letter sent by the ministry on Wednesday to universities did
The military last week sent “no small number” of Marine Corps officers to the Pratas Islands (Dongsha Island, 東沙群島) following reports of a Chinese People’s Liberation Army (PLA) drill targeting the islands scheduled for this month. In an interview with Hong Kong’s Bauhinia Magazine published on Saturday last week, PLA National Defense University professor Li Daguang (李大光) confirmed that the Chinese army was planning to stage a simulated invasion of the Pratas Islands in the South China Sea this month. The islands comprise three atolls, with Pratas Island, at 1.74km2, being the largest. They lie southwest of Taiwan proper in the South