Asian currencies gain on weaker dollar, easing China concerns
* China shares snap 4-day losing streak
* S.Korean won adds 0.7%, yuan up 0.4%
* Taiwan stocks close 1.6% higher ahead of GDP data
By Harish Sridharan
July 29 (Reuters) - Most emerging Asian currencies firmed on Thursday as the dollar lost ground following dovish signals from U.S. Federal Reserve Chair Jerome Powell, while Chinese stocks and the yuan rose after Beijing calmed investor nerves over mounting regulatory risks.
The greenback .DXY slipped to multi-week lows after Powell in a news conference said the U.S. job market still had "some ground to cover" before it would be time to pull back emergency economic support measures.
The yuan CNY=CFXS was up 0.4%, while the South Korean won KRW=KFTC added 0.7% and led gains among currencies in the region.
China's securities regulator held a virtual meeting on Wednesday night with executives of top global investment banks, seeking to calm market jitters after a massive sell-off in Chinese shares this week, sources told Reuters.
"Measured and tentative relief on China's regulatory crackdown may be boosting EM Asia FX thanks to the yuan (CNH) bounce, and thereby exaggerating gains against USD," analysts at Mizuho said in a note.
"This relief is not to be mistaken for post-FOMC 'risk on' or a fundamental change in the pre-taper USD trend.'
The Chinese government will also allow local companies to go public in the United States as long as they meet listing requirements, CNBC reported Link citing sources.
Equities in China .SSEC closed 1.5% higher, rebounding from a sharp sell-off over the past few days.
Stocks in Singapore .STI added 0.9%, while Indonesia .JKSE and India were up 0.6% and 0.5%, respectively.
Equities in Taiwan .TWII closed 1.6% higher, recording their biggest jump since May 28 ahead of the country's second-quarter economic data expected on Friday.
Taiwan's economy is expected to have expanded at a slower pace in the second quarter as a rare spike in COVID-19 cases hurt consumption, a Reuters poll showed.
The ringgit MYR= , Thai baht THB=TH and Taiwan dollar TWD=TP traded 0.2% higher.
** Indonesian 10-year benchmark yields up 1 basis points at 6.319%
** Taiwan shares post biggest jump since May 28
** China shares up 1.5%, biggest jump since May 25
Asia stock indexes and
currencies at 0720 GMT
COUNTRY FX RIC
FX INDE STOCKS STOCK
DAILY YTD %
X DAILY S YTD
+0.07 -5.99 <.N2
<CNY=CFX +0.35 +0.94 <.SS
+0.15 -1.61 <.NS
+0.00 -3.07 <.JK
0.60 2.44 ia
+0.18 -4.82 <.KL -0.09 -6.95 a
-0.24 -4.63 <.PS
0.36 -9.01 ines
S.Korea <KRW=KFT +0.71 -5.26 <.KS
+0.15 -2.44 <.ST
0.87 11.43 re
+0.24 +1.95 <.TW
+0.21 -8.91 <.SE
0.14 6.24 d
Graphic: World FX rates Link
China shares after regulatory risks Link
Reporting by Harish Sridharan in Bengaluru; Editing by
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