Economics
Asian Currencies Rebound as Global Stocks Rally Boosts Sentiment
- Equities rise on optimism China will stabilize its markets
- Bloomberg Commodity Index climbs a second day, aiding ringgit
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A rebound in global equities spurred demand for Asian currencies, with the Malaysian ringgit and Indonesia’s rupiah rising from 17-year lows.
A recovery in Chinese shares and weekend comments from central bank Governor Zhou Xiaochuan that a rout in the nation’s stocks is almost over helped boost sentiment, reducing appetite overnight for the relative safety of the dollar. Currencies of commodity-producing countries such as Malaysia also climbed as a measure of raw materials rose for a second day.