Asian central banks intervened heavily in the currency markets yesterday to stem the appreciation of their currencies against the US dollar amid fears that their exports could be losing ground against China.
The mainly south-east Asian countries have been spurred to defend the competitiveness of their currencies by China's decision to, in effect, re-peg the renminbi to the dollar since July last year.
Simon Derrick, at Bank of New York Mellon, in London, said: “Other Asian central banks outside China are naturally looking to aggressively defend their competitive edge against undesirable currency strength as the dollar weakens.”
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