Asian central banks start pushback as Fed shift hits currencies

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Asian central banks start pushback as Fed shift hits currencies - Business Mirror

Quick Summary:

Central banks across Asia face a difficult decision after the Federal Reserve’s hawkish cut—stage a costly fight back against dollar strength, or stand by and watch their currencies falter.

The moves have reignited questions about how far central banks across Asia are willing to go to defend their currencies—and how much impact their moves will have.

The so-called fixing, which limits moves in the onshore yuan by 2% on either side, is at its strongest level relative to the forecast since July.“The PBOC will continue to restrain the upside pressures on dollar-yuan for now, but I think the exchange rate will break to new highs in 2025 on the outbreak of a second US-China trade war,” said Alvin T.