Dollar Rises in Asia on China Yuan Devaluation

Manila Bulletin, August 11, 2015 | Go to article overview

Dollar Rises in Asia on China Yuan Devaluation


Tokyo, Japan | AFP -- Asia-Pacific currencies came under pressure on Tuesday after China unexpectedly devalued its yuan currency in the face of weakening growth, driving the dollar higher.

China's central bank announced a near two percent drop in the value of its yuan against the US dollar, the biggest fall since the currency was unpegged from the greenback in 2005.

The People's Bank of China (PBoC) set its daily reference rate for the yuan at 6.2298 to $1, compared with 6.1162 yuan the previous day, effectively 1.86 percent lower.

The surprise move sent ripples through Asia's currency markets, sending the Australian dollar -- often seen as a proxy for the yuan -- tumbling 0.90 percent to 73.47 US cents.

The US dollar also gained against the South Korean won and Indian rupee, and traded at 124.89 yen, up from 124.72 in New York.

The Chinese central bank's announcement "looks to be a move to a more open market policy," Stephen Innes, a senior trader at OANDA, told Bloomberg News.

"Traders are looking for US dollar strength across the Asia region and pressure on all local currencies."

The euro dipped after news that Greece has reached an agreement with its creditors on fiscal targets, leaving it on course for a bailout deal to avert an August 20 default.

The single currency changed hands at $1.0970 and 136.91 yen against $1.1019 and 137.31 yen.

The dollar fell overnight in New York against the euro as US Federal Reserve officials gave fresh clues about the timing of the central bank's rate hike. …

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