| The yen rose against the dollar, reversing a decline, and pared losses against the euro. The yen advanced to 108.03 per dollar by 8:47 a.m. in London, from 108.12 yesterday in New York. It was also at 159.21, from 159.09.
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| The yuan was little changed, lagging behind gains in other Asian currencies, on speculation China will control the pace of appreciation to deter investors betting on an advance. The currency earlier touched the highest since the end of a peg to the dollar in July 2005.
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| The yuan has gained 2.2 per cent this year after rising about 7 per cent in 2007 as China is allowing faster gains to curb inflation, worsened by the nation’s worst snowstorms in five decades.
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| The yuan traded at 7.1413 per dollar as of 5:30 p.m. in Shanghai, from 7.1436 yesterday, according to China Foreign Exchange Trade System. It earlier fell as low as 7.1509 after the central bank set a weaker reference rate for trading for the first time since February 13.
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| The People’s Bank of China pledged to boost the currency’s flexibility in a five-year plan released this week. Consumer prices rose 7.1 per cent from a year earlier in January, the highest in 11 years.
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| Asian currencies rose, led by Taiwan’s dollar, on speculation the region’s interest-rate advantage over the US will attract investors to local debt markets.
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| Indonesia’s rupiah, the Philippine peso and the Indian rupee also gained as stock markets across Asia climbed on optimism earnings can withstand a slowdown in the US economy.
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| The Taiwan dollar was the best performer among the 10 most-actively traded Asian currencies outside Japan today, touching its strongest in 21 months.
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| The Taiwan dollar gained 0.4 per cent to NT$31.521 versus the US currency as of the 4 p.m. close in Taipei, according to Taipei Forex Inc. It touched NT$31.5, the highest since May 2006. The rupiah added 0.2 per cent to 9,171, while the Philippine peso rose 0.6 per cent to 40.580. India’s rupee gained for the first time in five days, adding 0.5 per cent to 39.99 versus the dollar.
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| Taiwan’s central bank increased its benchmark rate to 3.375 per cent in December, while the US Fed has cut borrowing costs to 3 per cent. The main driver for the Taiwan dollar is the decline in US interest rates, Barclays Capital, the world’s fifth biggest currency trader, said yesterday. |
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