Asian Currencies Gain in Week as China Allows Yuan Appreciation
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Asian currencies advanced for a second week amid signs China will allow the yuan to resume appreciation and on optimism monetary easing in Europe will spur fund flows into higher-yielding assets.
The Bloomberg-JPMorgan Asia Dollar Index, which tracks the region’s 10 most-active currencies excluding the yen, rose 0.1 percent in the past five days after the European Central Bank cut its deposit rate last week to minus 0.1 percent. The yuan had its best five-day gain since 2011 as the People’s Bank of China boosted its reference rate by 0.19 percent since June 6, the most since December, to 6.1503 per dollar.