Won Leads Weekly Gains in Asian Currencies Before G-20 Meeting
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South Korea’s won led gains in Asian currencies this week amid speculation the region’s policy makers would refrain from reining in exchange rates before a meeting of the Group of 20 nations.
The Bloomberg-JPMorgan Asia Dollar Index had its first weekly advance in a month as a draft statement obtained by Bloomberg News showed G-20 leaders would reaffirm a pledge to avoid competitive devaluation at a meeting that began in Moscow yesterday. The yen, which had advanced in Asian trading, fell after a G-20 official said there isn’t a plan to echo a Group of Seven promise to avoid using policies to target exchange rates.