Wait...
Search Global Export Import Trade Data
Recent Searches: No Recent Searches

Most Asian currencies slide on trade jitters.


Date: 10-05-2019
Subject: Most Asian currencies slide on trade jitters
Most emerging Asian currencies weakened on Thursday, with the South Korean won sliding to a more than two-year low as concerns about an escalation in trade tensions ahead of crucial U.S.-China talks hit exporter currencies. 

Markets nervously await the start of two-day trade talks between U.S. and Chinese officials in Washington, due later in the day. Chinese Vice Premier Liu He is seeking to salvage a deal to avert a sharp rise in tariffs, after U.S. officials said Beijing had backtrack on earlier commitments.

U.S. President Donald Trump accused China of breaking the deal it had reached in trade talks, while Beijing announced it would retaliate if tariffs rise as planned on Friday. 

"If talks break down and most exports from China to the U.S. face 25 percent tariff from this Friday onward, risks of a financial market collapse, extreme risk aversion, and sharp slowdown in global growth will spike," DBS Bank said in a note. 

"Even if last moment developments lead to a postponement of escalation, the ill-will generated by this week’s developments will not go away." 

China's yuan traded 0.4 percent lower against the dollar, its weakest level in four months. 

The Philippine peso edged lower, after data showed that the Philippines economy grew at its weakest pace in four years in the first quarter, reinforcing views the central bank could lower key interest rates when it meets later in the day. 

The Indonesian rupiah depreciated 0.4 percent to the dollar, touching its lowest point since Jan. 4, while the Indian rupee eased 0.2 percent. 

Meanwhile, the Thai baht, emerging Asia's top performing currency this year, swung between positive and negative territory. 

Long-delayed results of Thailand's first election since a 2014 military coup released on Wednesday produced no clear winner, but gave the pro-army party, which is seeking to keep the current junta leader in power, a clear advantage. 

S. KOREAN WON HITS MORE THAN 2-YEAR LOW 
Leading declines in the region, the South Korean won weakened 0.7 percent against the dollar, in tandem with a slump in the local equity benchmark index. 

"Korea is strongly linked to China because of cross border trade, and the won is also a great indicator of trade in emerging Asia at large," Mahesh Sethuraman, Deputy Head of Sales Trading, Asia Pacific at Saxo Capital Markets said. 

"So, if the U.S.-China trade deal breaks down, it is very likely to have an adverse impact on emerging Asia trade at large, and therefore shorting Korean won is a good proxy for expressing that view." 

The won is emerging Asia's worst performing currency this year, declining about 2.3 percent, after South Korea's economy suffered its worst quarter since the global financial crisis in the January-March period. 

Source: economictimes.indiatimes.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 28-02-2025
Notification No. 12/2025-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

Date: 14-02-2025
Notification No. 10/2025-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

Date: 13-02-2025
Notification No. 14/2025-Customs
Seeks to amend Notification 11/2021-Customs dated 01.02.2021 to amend AIDC rate on Bourbon whiskey

Date: 11-02-2025
NOTIFICATION No. 09/2025–Central Tax
Seeks to bring rules 2, 8, 24, 27, 32, 37, 38 of the CGST (Amendment) Rules, 2024 in to force

Date: 03-02-2025
[F. No. CBIC-190354/236/2021-TRU]
Corrigendum to Notification No. 50 of 2024 Customs, dated the 30th December, 2024.

Date: 01-02-2025
Notification No. 13/2025-Customs
Seeks to further amend notification No. 153/94-Customs dated the 13 th July, 1994.

Date: 01-02-2025
Notification No. 12/2025-Customs
Seeks to further amend notification No. 19/2019 dated 06 th July 2019.

Date: 01-02-2025
Notification No. 11/2025 – Customs
Seeks to further amend notification No. 25/2002-Customs, dated the 1st March, 2002 so as to add capital goods to the already existing list of capital goods exempted from basic customs duty for manufacture of lithium-ion battery of mobile phones and electrically operated vehicles.

Date: 01-02-2025
Notification No. 09/2025-Customs
Seeks to further amend notification No. 16/2017-Customs, dated the 20 th April, 2017 so to exempt certain drugs for supply under Patient Assistance Programme run by specified pharmaceutical companies.

Date: 01-02-2025
Notification No. 07/2025-Customs
Seeks to further amend notification No. 11/2018-Customs dated 02 th February, 2018 so as to exempt specified goods from the whole of levy of Social Welfare Surcharge.



Exim Guru Copyright © 1999-2025 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001