Asian currencies rose this week, led by the Thai baht and South Korea’s won, as the world’s fastest economic growth drew funds to the region and data in the US, China and Japan brightened the outlook for exports.
The Bloomberg-JPMorgan Asia Dollar Index climbed to a four-month high as equities in India, Indonesia, South Korea, Taiwan and Thailand attracted more than US$1 billion from abroad. US jobless claims were the lowest in two months, China’s imports rose more than economists forecast and Japan raised its estimate for second-quarter economic growth, reports showed this week. The baht and Malaysia’s ringgit reached 13-year highs.
The baht appreciated 1.2 percent this week to 30.83 per US dollar as of 3:22pm in Bangkok on Friday, according to data compiled by Bloomberg. The won rose 0.8 percent to 1,165.85 on Friday, touching a one-month high of 1,159.98. The yuan climbed 0.5 percent to 6.7650.
The New Taiwan dollar had its best week in a month as economic data from the world’s three biggest economies brightened the outlook for exports.
The currency gained for a third day as exchange data showed global funds bought US$503 million more local shares than they sold this week.
“Risk appetite has come back this week as concerns about the global economic recovery have eased a bit,” said Tarsicio Tong (湯健揚), a currency trader at Union Bank of Taiwan (聯邦銀行) in Taipei.
The NT dollar gained 0.3 percent this week, the most since the five-day period ended Aug. 6, to NT$31.91 against its US counterpart as of the 4pm close, according to Taipei Forex Inc. The currency gained 0.1 percent from Thursday.
Elsewhere in Asia, the ringgit strengthened 0.4 percent to 3.1065 per US dollar this week and Indonesia’s rupiah gained 0.4 percent to 8,963. The Philippine peso jumped 1.3 percent to 44.11, India’s rupee gained 0.4 percent to 46.47 and Singapore’s dollar rose 0.4 percent to S$1.3415. Financial markets were shut in all five countries on Friday for holidays.
NO HUMAN ERROR: After the incident, the Coast Guard Administration said it would obtain uncrewed aerial vehicles and vessels to boost its detection capacity Authorities would improve border control to prevent unlawful entry into Taiwan’s waters and safeguard national security, the Mainland Affairs Council (MAC) said yesterday after a Chinese man reached the nation’s coast on an inflatable boat, saying he “defected to freedom.” The man was found on a rubber boat when he was about to set foot on Taiwan at the estuary of Houkeng River (後坑溪) near Taiping Borough (太平) in New Taipei City’s Linkou District (林口), authorities said. The Coast Guard Administration’s (CGA) northern branch said it received a report at 6:30am yesterday morning from the New Taipei City Fire Department about a
IN BEIJING’S FAVOR: A China Coast Guard spokesperson said that the Chinese maritime police would continue to carry out law enforcement activities in waters it claims The Philippines withdrew its coast guard vessel from a South China Sea shoal that has recently been at the center of tensions with Beijing. BRP Teresa Magbanua “was compelled to return to port” from Sabina Shoal (Xianbin Shoal, 仙濱暗沙) due to bad weather, depleted supplies and the need to evacuate personnel requiring medical care, the Philippine Coast Guard (PCG) spokesman Jay Tarriela said yesterday in a post on X. The Philippine vessel “will be in tiptop shape to resume her mission” after it has been resupplied and repaired, Philippine Executive Secretary Lucas Bersamin, who heads the nation’s maritime council, said
CHINA POLICY: At the seventh US-EU Dialogue on China, the two sides issued strong support for Taiwan and condemned China’s actions in the South China Sea The US and EU issued a joint statement on Wednesday supporting Taiwan’s international participation, notably omitting the “one China” policy in a departure from previous similar statements, following high-level talks on China and the Indo-Pacific region. The statement also urged China to show restraint in the Taiwan Strait. US Deputy Secretary of State Kurt Campbell and European External Action Service Secretary-General Stefano Sannino cochaired the seventh US-EU Dialogue on China and the sixth US-EU Indo-Pacific Consultations from Monday to Tuesday. Since the Indo-Pacific consultations were launched in 2021, references to the “one China” policy have appeared in every statement apart from the
More than 500 people on Saturday marched in New York in support of Taiwan’s entry to the UN, significantly more people than previous years. The march, coinciding with the ongoing 79th session of the UN General Assembly, comes close on the heels of growing international discourse regarding the meaning of UN Resolution 2758. Resolution 2758, adopted by the UN General Assembly in 1971, recognizes the People’s Republic of China (PRC) as the “only lawful representative of China.” It resulted in the Republic of China (ROC) losing its seat at the UN to the PRC. Taiwan has since been excluded from