In a note published on Monday TD Securities...>

FOREX: In a note published on Monday TD Securities note that "China's central

bank reintroduced a counter-cyclical factor earlier this month in determining

the CNY daily fixing, according to its website. We think it will provide for

more stability in the CNY over the near term, in conjunction with other recent

measures, limiting the need to expend FX reserves. Asian currencies are likely

to benefit in the short term, with SGD, INR, KRW and IDR the most sensitive to

CNY gyrations in recent months. Further out, we still think that the CNY and

many Asian currencies will be vulnerable to a deteriorating trade outlook,

especially the likes of KRW, TWD and SGD."