An Asian currency gauge rose for a second week as policy makers stepped up efforts to revive economies reeling from the global recession, raising speculation overseas investors are returning to emerging markets.
Malaysia is prepared to take “radical” steps to boost the economy, the government said on Thursday, while Indonesia a day earlier cut interest rates for a third straight month. Taiwan will offer tax breaks and subsidized loans to lure local investors back from China, which is increasing export tax rebates for textiles. US President Barack Obama urged lawmakers on Thursday to pass his economic stimulus plan or face “catastrophe.”
The Philippine peso capped the biggest weekly advance in a month. India’s rupee had a second week of gains and Malaysia’s ringgit traded at a one-week high as regional stocks rallied.
The Bloomberg-JPMorgan Asia Dollar Index, which tracks the region’s 10 most-active currencies excluding the yen, rose 0.4 percent for the week to 105.10.
The peso climbed 0.5 percent on Friday to 47.202 per US dollar, a weekly gain of 0.4 percent. India’s rupee advanced 0.3 percent this week to 48.7250 versus the US currency.
Taiwan, China, Malaysia and the Philippines will all issue data on exports next week, with economists surveyed by Bloomberg News forecasting contractions in each nation. The Bank of Korea also meets on interest rates.
The New Taiwan dollar declined this week on speculation falling exports and the slowing economy will deter overseas investors.
Economists are expecting overseas sales from Taiwan slid 48 percent last month, following a 42 percent decline a month earlier, according to a Bloomberg survey before the trade report on Feb. 9.
The central bank may seek to weaken its currency to help exports, said AU Optronics Corp (友達光電), the world’s third-biggest producer of liquid-crystal displays.
The NT dollar fell 0.5 percent this week to NT$33.750 from NT$33.57 on Jan. 23, when local markets closed for the week-long Lunar New Year holiday, according to Taipei Forex Inc.
The South Korean currency rose 0.1 percent to 1,383.80 per dollar, paring this week’s loss to 0.3 percent, as global funds bought more local shares than they sold for an eighth day, the longest run of net purchases since April 2007.
The Chinese yuan was little changed at 6.8360 from a week ago.
The US dollar weakened against the euro on Friday after another horrific set of US employment figures dented its safe-haven allure.
The euro was at US$1.2943 at 10pm GMT, up from US$1.2786 late on Thursday.
The dollar rose to ¥91.83 from ¥91.13. In late New York trading on Friday, the US dollar slipped to 1.615 Swiss francs from SF1.1724 late on Thursday.
The pound rose to US$1.4789 from US$1.4623.
SEASONAL MORATORIUM: The boat was boarded and seized by the China Coast Guard east-northeast of Liaoluo Bay outside restricted waters on July 2 Four crew members of a Taiwanese fishing vessel detained by Chinese authorities since July 2 are expected to be released today, but the return dates of the captain and the boat remain uncertain, a former official said. The Fujian Provincial People’s Government’s Taiwan Affairs Office (TAO) is likely to first release the crew members today, including a Taiwanese surnamed Ting (丁) and three Indonesians, former Penghu County Council deputy speaker Chen Shuang-chuan (陳雙全) said yesterday. They are to take a boat to the median line of the Taiwan Strait, where they would be picked up by the Da Jin Man No. 96
China appears to be using a new type of BZK-005 drone that might be capable of disrupting the radio communications in the Taiwanese military and causing the radar system to malfunction, a military source said yesterday. The military is closely monitoring traces of this upgraded drone after the Japanese Ministry of Defense recently captured images of a BZK-005 drone, which had a large number of antennas under the nose of the aircraft and a pod of unknown purpose attached under the belly of the craft. Defense experts in other countries had warned that the Chinese People’s Liberation Army (PLA) has bolstered
CHAMPION: Lin Yu-ting overcame adversity and intense international scrutiny on her path to Olympic victory. She said it means so much to win the gold for her country Taiwanese boxer Lin Yu-ting (林郁婷) emerged as Olympic champion in the women’s 57kg (featherweight) division on Saturday in Paris (Sunday in Taipei), despite facing online abuse due to gender misconceptions over the past two weeks. Lin defeated Julia Szeremeta of Poland by a unanimous 5-0 decision to clinch the gold, completing a long journey of redemption after being eliminated from the Tokyo Games in 2021 in her opening bout. Lin, who has been competing in women’s events since her boxing debut in September 2013, is the first Taiwanese boxer to win gold, after three other Taiwanese female boxers earned bronze medals in
Taiwanese boxer Lin Yu-ting (林郁婷) won a gold medal in the women’s featherweight division at the Olympics on Saturday in Paris, boosting Team Taiwan’s medal count to two golds and five bronzes. The medal count is the third time Taiwan has won two golds in a single edition of the Olympic Games. Lin, 28, clinched the gold in the women’s 57kg boxing division after defeating Julia Szeremeta of Poland by a 5-0 unanimous decision, completing a long journey to success after she was eliminated from the Tokyo Games three years ago in her opening bout. Taiwan’s other gold in Paris was bagged by