Asian currencies are steady

Asian currencies are steady

On Wednesday, Asian currencies managed to maintain their strength notwithstanding the Chinese Yuan kept dropping versus the greenback and the Philippine peso kept to 11-year minimums.

In Asia, the Philippine peso has been opposing the ascending trend. For instance, on Tuesday this currency reached an 11-year minimum after trade deficits for May turned to be wider than expected and the country's major financial institution suggested that the country would face a first full-year current account deficit since 2003.

On Wednesday, the peso stuck to its record minimums versus the evergreen buck notwithstanding earning a tiny amount of ground in morning trade. The currency pair USD/PHP slumped 0.02%, with one dollar currently purchasing PHP50.760.

In China, home prices inched up in 60 of the country’s 70 markets, tracked by the government. In spite of the fact leaps were visible in most cities, they mostly dived in the key centers, including Beijing, as the National Bureau of Statistics states.

The currency pair USD/CNY added 0.09%. China’s major currency has been losing ground versus the US dollar for more than a week. On Wednesday, the PBOC set the reference rate for the Yuan at CNY6.7495.

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