Most Asia EM FX Weaker In Holiday Thinned Trade

Markets in Singapore, India, Indonesia, Malaysia, Philippines and Pakistan are closed for holiday's which kept liquidity thin

• CNH: Offshore yuan is stronger, but USD/CNH is still holding the majority of its move higher from yesterday after rising around 0.5% through the day. Data yesterday showed credit growth slowed as the PBOC steered loan growth lower.
• KRW: Won weakened, hitting the lowest level since late March before paring the move. South Korea reported 715 daily new coronavirus cases, back over 700 Thursday as the country's vaccination campaign nearly stalled over tight vaccine supply amid spreading variant cases. F
• TWD: Taiwan dollar is weaker for the third straight session. On the coronavirus front the government have confirmed they will tighten restrictions to contain the virus as well strengthening the screening process for shorter quarantines of business travelers. Apple Daily reported that New Taipei city will halt operations of venues including hostess bars, sports centre and libraries.
• THB: Baht has fallen, hitting a two-week low during the session. The gov't is focusing all efforts on fighting the resurgence of Covid-19. The Bangkok Post reported that state agencies "have been instructed to halt development proposals that were to be funded by the 1-trillion-baht emergency loan decree as the government is reserving the remainder to fight Covid-19 infections."