ASIA FX: KRW Lags Firmer CNH & TWD

North East Asia currency trends have been mixed, with CNH and TWD firmer, but KRW softer. Overall moves haven't been large though. 

• USD/CNH tested under 7.1000, with positive CNH impetus post the fixing result (which delivered a -34pip surprise in USD/CNY terms). Lows in the pair came at 7.0948, but we sit slightly higher now. USD/CNY onshore spot has followed a similar trajectory. The yuan has outperformed the G10 majors at the margins, up nearly 0.20% so far in Thursday trade.
• Spot USD/KRW has edged a little higher, but remains sub recent highs, the pair last near 1337.55. Earlier Q2 GDP revisions were unchanged in terms of the headline (growth contracting -0.2% q/q).  With CPI moderating, and the economy contracting, the BOK appears now (depending on the trajectory of property prices) to be inching towards a better environment to cut rates to support the consumer. The Kospi is weaker, off 0.45% at this stage, with a further -$279.9mn in equity outflows from offshore investors.
• Spot USD/TWD has ticked back lower, last near 32.10, around 0.30% stronger in TWD terms. Yesterday saw very large outflows from offshore investors (over $3bn,as tech sentiment faltered), but onshore equity sentiment is better today, the Taiex last up 0.90%.