Currency officials in Asia are pushing back on effects that sent their currencies to multi-month lows this week. Japan finance officials have warned all this week against the “excessive” depreciation of the Japanese yen. After this, Malaysian officials flagged the same concerns for the ringgit, while China fixed the yuan at a stronger-than-expected daily rate three times this week to prop up the currency.
Against the US dollar year-to-date, the Japanese yen has slumped more than 9%, while the Malaysian ringgit fell about 6% and the Chinese yuan slid nearly 5%. All three currencies tested lows not seen since October and November against the US dollar this week and are among the most battered in Asia this year.
Against the US dollar year-to-date, the Japanese yen has slumped more than 9%, while the Malaysian ringgit fell about 6% and the Chinese yuan slid nearly 5%. All three currencies tested lows not seen since October and November against the US dollar this week.
Source: cnbc.com
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