* PBOC’s yuan fixing biggest rise since Nov. 2
* Thai Q4 q/q growth below forecast, recovery still fragile
* Taiwan dollar near six-week high on inflows
(Adds text, updates prices)
By Jongwoo Cheon
SINGAPORE, Feb 15 (Reuters) – Most emerging Asian currencies
rose on Monday after China’s central bank set its daily yuan
guidance rate sharply firmer, easing concerns over risks of
devaluation, and as regional stock markets clawed back some of
their recent heavy losses.
Thailand’s baht, however, fell as quarterly
economic growth in the last three months of 2015 came in
slightly weaker than expected.
The yuan jumped more than 1 percent to 6.4900 per
dollar – its firmest this year – as the People’s Bank of China
set its daily midpoint 0.3 percent stronger before the market
open. It was the official fixing’s biggest rise since Nov. 2.
The Taiwan dollar hit a near six-week high,
tracking the renminbi’s strength. The Malaysian ringgit
rose after oil prices on Friday jumped more than 10 percent.
China’s exports and imports in January fell more than
expected, but emerging Asian currencies focused more on
Beijing’s stabilisation efforts for now, analysts said.
In an interview over the weekend, PBOC Governor Zhou
Xiaochuan said there was no basis for the yuan to keep falling,
and China would keep it stable versus a basket of currencies
while allowing greater volatility against the U.S. dollar.
“The weak export growth could add more speculation to CNY
weakness,” said Nordea Markets’ senior analyst Amy Yuan Zhuang
in Singapore, referring to the yuan.
“But I still believe that Zhou Xiaochuan’s comments during
the weekend and today’s strong fixing rate helped alleviating
some of the pressure on the CNY, at least temporarily. And so
the same for Asia FX.”
BAHT
The baht slid as traders unwound bullish bets on growing
caution over possible intervention by the central bank to stem
its appreciation.
Thailand’s economy grew 0.8 percent in October-December last
year from the previous three months on a seasonally-adjusted
basis, less than the 1.0 percent in July-September and the 0.9
percent expected in a Reuters poll.
Government bond prices fell, adding to pressure on the
currency.
TAIWAN DOLLAR
The Taiwan dollar rose as much as 1.4 percent to 33.052 per
the U.S. dollar, its strongest since Jan. 6.
The island’s currency found further support from demand from
foreign financial institutions as businesses reopened after a
week-long break for the Lunar New Year holidays.
The central bank has not been spotted buying the U.S. Dollar
to stem strength in the Taiwan dollar yet, traders said, but
caution over intervention remained.
RINGGIT
The ringgit advanced 1 percent in thin trading as a rebound
in crude prices eased concerns over Malaysia’s falling oil and
gas revenues.
The Malaysian currency found further support from demand
against the neighbouring Singapore dollar.
CURRENCIES VS U.S. DOLLAR
Change on the day at 0450 GMT
Currency Latest bid Previous day Pct Move
Japan yen 113.84 113.27 -0.50
Sing dlr 1.3990 1.3974 -0.11
Taiwan dlr 33.052 33.520 +1.42
Korean won 1208.80 1211.70 +0.24
Baht 35.63 35.57 -0.17
Peso 47.53 47.51 -0.04
Rupiah 13410.00 13485.00 +0.56
Rupee 68.06 68.23 +0.25
Ringgit 4.1270 4.1700 +1.04
Yuan 6.4915 6.5755 +1.29
Change so far in 2016
Currency Latest bid End prev year Pct Move
Japan yen 113.84 120.30 +5.67
Sing dlr 1.3990 1.4177 +1.34
Taiwan dlr 33.052 33.066 +0.04
Korean won 1208.80 1172.50 -3.00
Baht 35.63 36.00 +1.04
Peso 47.53 47.06 -0.99
Rupiah 13410.00 13785.00 +2.80
Rupee 68.06 66.15 -2.81
Ringgit 4.1270 4.2935 +4.03
Yuan 6.4915 6.4936 +0.03
(Additional reporting by Roger Tung in TAIPEI; Editing by Kim
Coghill)
