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

FOREX
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."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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