Asian currencies slumped, with the Singapore dollar posting its worst week this year, as speculation that the Federal Reserve’s interest-rate reductions are nearing an end boosted the allure of the US currency.
Eight of the 10 most-active Asian currencies outside Japan declined this week.
Singapore’s dollar was the biggest loser this week, dropping 0.7 percent to S$1.3633 against the US currency.
The yuan had the biggest weekly loss in eight months as a state-run academy forecast economic growth to slow this year for the first time in seven years as demand for exports weakens.
The yuan fell to 7.01 from 6.9935 last week, according to the China Foreign Exchange Trade System. Its 0.2 percent decline this week is the most since the five-day period ended Aug. 17.
South Korea’s won was the sole gainer with the best week in three on speculation a rally in stocks spurred stock purchases by overseas investors. It rose 0.3 percent to 996.65 a dollar.
The New Taiwan dollar fell for a third day to NT$30.34, extending this week’s loss to 0.2 percent.
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There is no need for one country to control the semiconductor industry, which is complex and needs a division of labor, Taiwan’s top technology official said yesterday after US President Donald Trump criticized the nation’s chip dominance. Trump repeated claims on Thursday that Taiwan had taken the industry and he wanted it back in the US, saying he aimed to restore US chip manufacturing. National Science and Technology Council Minister Wu Cheng-wen (吳誠文) did not name Trump in a Facebook post, but referred to President William Lai’s (賴清德) comments on Friday that Taiwan would be a reliable partner in the
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