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Asian Currencies Slip on Trade Fears as Authorities Try to Avert Crisis

Many of Asia's currencies are losing value against the U.S. dollar this year as China and the United States fight over trade, but analysts say policymakers are handling the dip better now than during past down cycles. China, India, Indonesia and Myanmar, to name just a few, have seen their currencies lose value since the start of 2018. The Indian rupee hit an all-time low in June, and the Chinese yuan lost 3.2 percent over the year through June. Economists point to a range of problems, including possible contagion from financial woes in Turkey and concerns about investing in Asia due to the Sino-U.S. trade war expected to hit China next week with tariffs on goods worth $16 billion. "It's just basically that everything we've worried about now and then sort of converged together," said Song Seng Wun, an economist in the private banking unit of CIMB in Singapore. But monetary authorities in Asia have learned from currency dips in 2013, 2015 and 2016, economists believe. ​Causes for decline No single cause is pushing currency prices lower around Asia, analysts say. Rising oil prices have knocked back the rupee as Indians pay more to import it, media in the country say. Domestic media in Myanmar blame a surge in imports into the fast-growing Southeast Asian country, plus people's hoarding of U.S. dollars. In Vietnam, the brokerage Bao Viet Securities blames a 1.3 percent dip in the dong currency due to pressure from similar slips elsewhere in Asia, including the Chinese yuan's devaluation and a 7 percent fall in the Indonesian rupiah as of June. A particularly severe fall in Turkey's lira along with inflation and loan defaults — all threatening to drag down other economies — is weighing on Asian currency rates, Song said. Economists and media in the countries... If you wish to read this full breaking news headline, plus more articles from around Thailand and Asia like, Asian Currencies Slip on Trade Fears as Authorities Try to Avert Crisis, simply click on 'Read full story' below, but 1st please give us a 'LIKE' or 'SHARE' before you leave. Thank you Asian Currencies Slip on Trade Fears as Authorities Try to Avert Crisis

 

 

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Published By: VOA NEWS - Friday, 17 August, 2018

 

 

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