Forex Blog: Currency Trading News & Analysis.

October 25th 2007

Asian Central Banks Plot Intervention

Asian currencies, with the exception of the Chinese Yuan and Japanese Yen, have notched stellar performances this year.  The currencies of Thailand, Malaysia, Singapore, South Korea, to name but a few, have experienced double-digit increases (in percentage terms) against the Dollar. Worried about the impact of a rising currency on export growth, Asian central banks are in the process of intervening in forex markets.  Singapore, which uses currency manipulation as a form of monetary policy, believed to have already made purchases of US government bonds in order to depress the Singapore Dollar. South Korea, as well, has a history of forex intervention, albeit unsuccessful intervention, and may issue currency stabilization bonds before year-end.  The Gulf Daily News reports:

The Bank of Korea has repeatedly stated that it would closely monitor currency markets, expressing concern about the level of the won and money supply growth.

Read More: Asian banks calm currency surge

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Posted by Adam Kritzer | in Central Banks, Emerging Currencies | No Comments »

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