Asian currencies advanced, led by South Korea’s won and Indonesia’s rupiah, as reports showed China’s factory output and bank lending beat analysts’ estimates, buoying the outlook for a global economic recovery.
The won and Malaysia’s ringgit posted their best weekly gains since July after growth in industrial production in China accelerated for a fourth month last month. Chinese Premier Wen Jiabao (溫家寶) said on Thursday China would maintain its stimulus spending to ensure the world’s third-largest economy keeps expanding. Asian stocks rallied and the dollar weakened to a one-year low against currencies of its six major trading partners.
The won advanced 1.6 percent to 1,221.75 per US dollar in Seoul, versus 1,241.20 a week ago, according to data compiled by Bloomberg. The rupiah climbed 1.9 percent to 9,925 and the ringgit strengthened 1 percent to 3.4920. India’s rupee gained 0.7 percent to 48.56.
The New Taiwan dollar climbed as high as NT$32.600, the strongest level in three months, after President Ma Ying-jeou (馬英九) said he would refocus on a trade accord with China to boost cross-strait ties, saying Taiwan’s economy would return to growth at year-end. The currency rounded out a 0.9 percent weekly gain to NT$32.628.
Elsewhere, the Singapore dollar appreciated 1.1 percent to S$1.4225 from a week earlier. Thailand’s baht advanced 0.3 percent to 33.96 and the Philippine peso gained 0.7 percent to 48.325 per dollar. Vietnam’s dong traded at 17,831 versus 17,824 a week ago.
The US dollar meanwhile declined the most since May versus six major counterparts as the greenback became the cheapest funding currency, prompting investors to sell the dollar and buy riskier assets.
Sterling rose this week to a one-month high versus the dollar as the central bank refrained from expanding its asset-purchase program.
The yen advanced 2.5 percent to ¥90.71 versus the dollar and reached ¥90.21, the strongest level since Feb. 12. Japan’s currency gained 0.6 percent to ¥132.17 per euro. The euro increased 1.9 percent to US$1.4571 after reaching US$1.4634, the strongest level since Dec. 18.
The pound advanced to US$1.6742, the highest since Aug. 7, as the Bank of England (BOE) left unchanged its asset-purchase program of buying up to £175 billion (US$290 billion) in bonds in a sign policy makers believe the economy is recovering. The BOE kept the main rate at a record low of 0.5 percent.
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