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EM ASIA FX-China easing, Greek concerns hurt Asia FX; ringgit down more on oil
February 5, 2015 / 1:47 AM / 3 years ago

EM ASIA FX-China easing, Greek concerns hurt Asia FX; ringgit down more on oil

SINGAPORE, Feb 5 (Reuters) - Most emerging Asian currencies
fell on Thursday after China's central bank cut the reserve
requirement ratio, another evidence of regional easing to
support growth and tackle deflationary pressure.
    Regional currencies came under further pressure as risk
sentiment soured after the European Central Bank said it would
no longer accept Greek bonds as collateral for its liquidity
operation, dampening hopes on a resolution. 
    China's central bank on Wednesday made a system-wide cut to
bank reserve requirements, the first time in over two years, to
provide a fresh flood of liquidity to fight off economic
slowdown and looming deflation. 
    "It will increase expectations for more easing by Asian
central banks. It will put pressure on Asian FX to weaken," said
Sean Yokota, head of Asia strategy for Scandinavian bank SEB, in
Singapore.
    The yuan fell as the People's Bank of China set
its daily mid-point weaker. 
    The ringgit underperformed Asian peers as plunging
oil prices renewed concerns over their impact on Malaysia's
current account surplus and fiscal deficit.
    
    CURRENCIES VS U.S. DOLLAR
    Change on the day at 0132 GMT
  Currency    Latest bid   Previous day    Pct Move
  Japan yen       117.24         117.28       +0.03
  Sing dlr        1.3476         1.3485       +0.07
  Taiwan dlr      31.360         31.473       +0.36
  Korean won     1088.10        1084.10       -0.37
  Baht             32.61          32.62       +0.03
  Peso             44.14          44.11       -0.07
  Rupiah        12650.00       12620.00       -0.24
  Rupee            61.75          61.75        0.00
  Ringgit         3.5785         3.5625       -0.45
  Yuan            6.2560         6.2477       -0.13
 
  Change so far in 2015
  Currency    Latest bid  End prev year    Pct Move
  Japan yen       117.24         119.66       +2.06
  Sing dlr        1.3476         1.3260       -1.60
  Taiwan dlr      31.360         31.718       +1.14
  Korean won     1088.10        1099.30       +1.03
  Baht             32.61          32.90       +0.89
  Peso             44.14          44.72       +1.31
  Rupiah        12650.00       12380.00       -2.13
  Rupee            61.75          63.03       +2.07
  Ringgit         3.5785         3.4965       -2.29
  Yuan            6.2560         6.2040       -0.83
    

 (Reporting by Jongwoo Cheon; Editing by Biju Dwarakanath)

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