Investing.com– Most Asian currencies firmed sharply on Monday, tracking extended declines in the dollar amid increasing bets that the Federal Reserve was done raising interest rates, while promises of more Chinese stimulus measures also aided sentiment.
The surged 0.5% to its strongest level against the dollar since early-August. The biggest point of support for the yuan was a substantially stronger-than-expected daily midpoint fix by the People’s Bank of China.
The PBOC held its benchmark near record lows on Monday, while also injecting about 80 billion yuan of liquidity into the economy.
Separately, Chinese officials vowed more policy support for the country’s beleaguered property sector- a move that helped shore up confidence over one of China’s biggest industries. Ructions in the property sector have been a major headwind to China over the past three years.
Optimism over China saw the jump 0.6%, with focus also turning to the of Reserve Bank of Australia’s November meeting, due on Tuesday. The RBA had raised interest rates by 25 basis points, but offered somewhat dovish cues on future rate hikes.
The jumped 0.6%, while the saw…
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