Asian Currencies, Including the Rupiah, Weakened by Yuan Depreciation

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Viva Budy Kusnandar 06/08/2019 06:56 WIB

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The ongoing US-China trade war and the weakening yuan are adding to global economic uncertainty.

Asian Currency Rise/Fall Against the US Dollar (August 5, 2019)

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Asian Currencies, Including the Rupiah, Weakened by Yuan Depreciation

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Asian Currency Rise/Fall Against the US Dollar (August 5, 2019)

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The depreciation of the yuan against the US dollar triggered a weakening of Asian currencies, including the rupiah. The ongoing trade war between the US and China, coupled with the weakening yuan, has added to global economic uncertainty. At the start of trading on Monday (August 5, 2019), the Chinese currency weakened by 1.41% to 7.04/US dollar compared to the previous weekend, according to Bloomberg data.

This prompted market players to divest from local currencies and seek safer haven assets such as the US dollar and Japanese yen. At the beginning of the week, the South Korean won experienced the deepest weakening, falling 1.48% to 1,215.32/US dollar compared to the previous weekend's position. Similarly, the Indonesian rupiah fell 0.47% to 14.25/US dollar.

Yesterday's trading saw regional stock markets plummet in line with the depreciation of Asian currencies. The Philippine Stock Exchange Index (PSEi) recorded the sharpest decline, at 2.95%, followed by Hong Kong at 2.88%, and Jakarta at 2.59% compared to the previous weekend's closing prices.

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."