Yuan Close To 6-Month Peak Before The Trade Agreement
Yuan Close To 6-Month Peak Before The Trade Agreement Emerging currencies in Asia followed a mixed course today. The Chinese yuan remained close to the highest level since July.
Dushyant Padmanabhan, a strategist at Nomura Holdings in Singapore, said the positive market perception continued and said, With the global weakening of the dollar, this rise may continue for a long time. D Bloomberg Dollar Spot Index rose by 0.1% and the MSCI AC Asia Pacific Index rose by 0.4%.
Philippine pesos and Thai baht fell, while the Taiwan dollar and Indian rupee remained flat. The Malaysian ringgit reversed its rise after the 9-month high.
Morgan Stanley Strategists said that they were bullish for the currencies of developing countries, but not at the beginning of the rally but at the end.