Korean Won Leads Gains in Asia on Fed, China Boost; Yuan Weakens
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South Korea’s won rallied for a fourth week, leading gains among Asian currencies, after the Federal Reserve expanded its monetary stimulus and Chinese data signaled an economic recovery is strengthening.
The won completed its biggest weekly advance in two months as exchange data showed foreign investors bought $1.2 billion more local stocks than they sold this week through yesterday, the most among markets outside Japan tracked by Bloomberg. The Fed said on Dec. 12 it will buy $45 billion a month of Treasuries starting in January, in addition to $40 billion a month of existing mortgage-debt purchases.