Asia Currencies Decline on China’s Slowdown, Greek Debt Concern
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Asian currencies weakened after a central bank adviser forecast China’s economy will slow further and concern mounted that Greece won’t meet bailout targets, sapping demand for emerging-market assets.
The Bloomberg-JPMorgan Asia Dollar Index fell by the most in more than a week after Song Guoqing, an academic member of the People’s Bank of China monetary policy committee, said on July 21 that economic expansion may cool for a seventh quarter to 7.4 percent in the three months through September. German Vice Chancellor Philipp Roesler said yesterday he’s “very skeptical” that European leaders will be able to rescue Greece.