EM ASIA FX-Asian currencies muted, eye China's Communist Party Congress for yuan clues
(Adds details, updates numbers)
By Ambar Warrick
Oct 18 (Reuters) - Asian currencies were subdued on
Wednesday as investors waited for any clues on the outlook for
China's foreign exchange policy from a key Communist Party
Congress.
President Xi Jinping said in his opening speech to the
twice-a-decade gathering early in the day that China will deepen
market-oriented reforms of exchange rates and interest rates,
reiterating an oft-heard government pledge.
But as expected the keynote speech dealt only with broad
themes and gave few details.
The Chinese yuan ticked up against the dollar,
after the People's Bank of China set its official yuan midpoint
at 6.5991 to the dollar.
Overnight, the United States declined to name China as a
currency manipulator although it remained critical of the
Chinese government's economic policies ahead of a planned visit
to Beijing by President Donald Trump.
The Singapore dollar also ticked up against the
dollar, while the Malaysian ringgit was closed for a
national holiday.
"The market remains guardedly optimistic in emerging market
Asian currencies, but over the short term with all the dollar
uncertainty brewing over the next Fed Chairperson, investors
will take a very cautious tack," Stephen Innes of FX broker
OANDA said in a note.
SOUTH KOREAN WON
The South Korean won ticked up against the
dollar.
South Korea remained on Washington's currency practice
monitoring list, but the outcome barely affected the won as it
was largely expected.
The country's import prices rose for an 11th consecutive
month in September on-year as a rise in global oil prices
boosted fuel costs, central bank data showed.
The following table shows rates for Asian currencies against
the dollar as of 0407 GMT.
CURRENCIES VS U.S. DOLLAR
Change on the day as of
0407 GMT
Currency Latest bid Previous day Pct Move
Japan yen 112.210 112.19 -0.02
Sing dlr 1.354 1.3553 +0.08
Taiwan dlr 30.199 30.205 +0.02
Korean won 1130.300 1132.5 +0.19
Baht 33.095 33.1 +0.02
Peso 51.370 51.33 -0.08
Rupiah 13505.000 13505 +0.00
Rupee 64.980 65.02 +0.06
Yuan 6.609 6.6250 +0.24
Change so far
Currency Latest bid End 2016 Pct Move
Japan yen 112.210 117.07 +4.33
Sing dlr 1.354 1.4490 +7.00
Taiwan dlr 30.199 32.279 +6.89
Korean won 1130.300 1207.70 +6.85
Baht 33.095 35.80 +8.17
Peso 51.370 49.72 -3.21
Rupiah 13505.000 13470 -0.26
Rupee 64.980 67.92 +4.52
Yuan 6.609 6.9467 +5.10
(Reporting by Ambar Warrick in Bengaluru; Editing by Kim
Coghill)