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Won Outperforms, Yuan Slips


The won led gains in Asia EM FX space, with most regional currencies posting modest gains.

  • CNH: Mild selling pressure hit offshore yuan upon the reintroduction of weak bias into the daily fixing of USD/CNY trading band mid-point. The divergence vs. expectations was not too large (18 pips) but enough to signal that the PBOC would prefer a slightly weaker redback.
  • KRW: South Korean won picked up a bid and outperformed its regional peers as local equity benchmarks crept higher. Outgoing President Moon tapped IMF Asia Director Rhee to succeed BoK Gov Lee once the latter's term expires at the end of the month.
  • IDR: The rupiah edged higher after Governor Warjiyo told lawmakers that Bank Indonesia can be patients in raising interest rates, with policymakers planning to reduce liquidity first to keep supporting growth.
  • MYR: Spot USD/MYR went bid and pierced the MYR4.2200 figure for the first time since Dec 21. Little to write home on domestic headline flow.
  • PHP: Spot USD/PHP ebbed lower as most regional currencies registered gains. The rate stayed within yesterday's range.
  • THB: Improvement in sentiment provided some support to the baht, with participants assessing the government's decision to freeze retail diesel prices until end-April.

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