Asian currencies gain on revaluation

Story link: Asian currencies gain on revaluation

After China’s revaluation of the renminbi to Rmb8.11 to the dollar on Thursday, the South Korean won gained 1.5 percent on the US dollar to Won 1,020, while the Taiwan dollar was up 1.3 percent to T$31.54 against the US dollar. Both those countries also moved to limit gains.

The yen, which was higher on Thursday on the news of the termini’s revaluation, lost value on Friday when it became clear that China was limiting its currency’s rise. Still, the yen ended the week 0.7 percent higher in relation to the euro, at ¥134.06, and it was 1 percent higher in relation to the US dollar at ¥111.06 as well as having gained 1.7 percent in relation to sterling for the week, to ¥198.30.

Sterling had a bad week, losing 0.6 percent to $1.7408 in relation to the US dollar, falling 1 percent to £0.6935 in relation to the euro, and declining by 2.8 percent against the Australian dollar to near an 8-year low of A$2.2729.

The euro gained 0.4 percent in relation to the US dollar over the week , to $1.2074.

The Australian dollar also performed well against the greenback, rising by 2.3 percent to $0.7658.