US dol­lar ticks up af­ter China tries to calm mar­ket tur­moil

The China Post - - BUSINESS INDEX & -

The U.S. dol­lar rose against the yen and euro on Wed­nes­day as main­land Chi­nese author­i­ties moved to shore up the world’s No. 2 econ­omy and re­verse a global stock mar­ket blood­bath.

In Tokyo, the U.S. unit changed hands at 119.62 yen, up from 118.84 yen in New York late Tues­day, as in­vestor con­fi­dence picked up.

Fears over slow­ing growth in main­land China had pushed traders into the yen — a safe haven dur­ing times of tur­moil — send­ing the Amer­i­can dol­lar tum­bling to 116.18 yen this week, its low­est level since Fe­bru­ary.

In other trad­ing Wed­nes­day, the euro gave up early gains to buy US$1.1481 against US$1.1518 in U.S. trad­ing, while it fetched 137.34 yen, com­pared with 136.87 yen in New York.

The U.S. dol­lar was mostly lower against other Asia-Pa­cific cur­ren­cies.

It weak­ened to 46.62 Philip­pine pe­sos from 46.67 pe­sos Tues­day, to 1,186.20 South Korean won from 1,195.53 won, to SG$1.4005 from SG$1.4065, and to 66.15 In­dian ru­pees from 66.52 ru­pees.

The green­back was also lower at NT$32.40 from NT$32.63 and 35.58 Thai baht from 35.64 baht, but rose to 14,115.00 In­done­sian ru­piah from 14,076.90 ru­piah.

The Chi­nese yuan fetched 18.67 yen against 18.59 yen.

China on Tues­day cut in­ter­est rates and low­ered how much cash banks must hold for the sec­ond time in as many months in the latest ef­fort to stem an eq­ui­ties rout that be­gan in June.

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