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Evergrande Saga Remains Front & Centre

ASIA FX

Some positive headlines re: Evergrande and a fairly sizeable liquidity injection from the PBOC were a boon to the redback, but most other currencies from the Asia EM basket underperformed the greenback. Markets in South Korea and Hong Kong were shuttered in observance of local public holidays.

  • CNH: Offshore yuan received a boost amid a round of headlines noting that the embattled Evergrande's main unit has negotiated an agreement with holders of its 5.8% 2025 bond on interest payment due Sep 23, with the PBOC further soothing the nerves with a relatively generous liquidity injection. It is worth noting that the upcoming quarter-end/week-long holidays may have helped nudge the PBOC toward a larger liquidity injection.
  • IDR: The rupiah was happy to hug a familiar range after Bank Indonesia left monetary policy settings unchanged on Tuesday.
  • MYR: USD/MYR edged higher even as Malaysia reached an important milestone of fully inoculating 80% of its adult population against Covid-19 and thus achieving herd immunity.
  • PHP: USD/PHP pushed higher amid little in the way of notable local news flow, with participants awaiting Thursday's BSP MonPol decision.
  • THB: The baht went offered, with spot USD/THB trading in close proximity to the key layer of resistance provided by Aug 10 cycle high/round figure of THB33.490/33.500, amid lingering concern over Thailand's decision to raise the official debt cap.
  • SGD: USD/SGD took a hit from Evergrande-related headlines but managed to return to neutral levels later in the session.
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