Arab Today, arab today dollar rises in asia on china yuan devaluation
Last Updated : GMT 12:53:19
Arab Today, arab today
Arab Today, arab today

Dollar rises in Asia on China yuan devaluation

Arab Today, arab today

Arab Today, arab today Dollar rises in Asia on China yuan devaluation

China's central bank
Tokyo - AFP

Asia-Pacific currencies came under pressure on Tuesday after China unexpectedly devalued its yuan currency in the face of weakening growth, driving the dollar higher.

China's central bank announced a near two percent drop in the value of its yuan against the US dollar, the biggest fall since the currency was unpegged from the greenback in 2005.

The People's Bank of China (PBoC) set its daily reference rate for the yuan at 6.2298 to $1, compared with 6.1162 yuan the previous day, effectively 1.86 percent lower.

The surprise move sent ripples through Asia's currency markets, sending the Australian dollar -- often seen as a proxy for the yuan -- tumbling 0.90 percent to 73.47 US cents.

The US dollar also gained against the South Korean won and Indian rupee, and traded at 124.89 yen, up from 124.72 in New York.

The Chinese central bank's announcement "looks to be a move to a more open market policy," Stephen Innes, a senior trader at OANDA, told Bloomberg News.

"Traders are looking for US dollar strength across the Asia region and pressure on all local currencies."

The euro dipped after news that Greece has reached an agreement with its creditors on fiscal targets, leaving it on course for a bailout deal to avert an August 20 default.

The single currency changed hands at $1.0970 and 136.91 yen against $1.1019 and 137.31 yen.

The dollar fell overnight in New York against the euro as US Federal Reserve officials gave fresh clues about the timing of the central bank's rate hike.

After last Friday's solid US jobs report for July, many analysts saw support for the Fed to raise its zero-level benchmark federal funds rate in September.

But Fed Vice Chairman Stanley Fischer tempered expectations on Monday when he said low inflation remains a concern for the world's biggest economy.

Elsewhere, Atlanta Fed President Dennis Lockhart appeared to raise the prospect for a hike sooner rather than later.

"We are getting closer and closer to what feels like a healed state of the economy," Lockhart said in prepared remarks to the Atlanta Press Club.

"I think the point of liftoff is close," he said.

In other trading, the dollar rose to Sg$1.3999 from Sg$1.3847 on Monday, to Tw$32.11 from Tw$31.64, to 64.16 Indian rupees from 63.76 rupees, to 13,591 Indonesian rupiah from 13,540.50 rupiah, and to 35.35 Thai baht from 35.12 baht.

The dollar also gained to 45.95 Philippine pesos from 45.73 pesos, and to 1,178.94 South Korean won from 1,163.13 won.

The Chinese yuan fetched 19.75 yen against 20.01 yen.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today dollar rises in asia on china yuan devaluation Arab Today, arab today dollar rises in asia on china yuan devaluation

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday