Asian currencies, including the Philippine peso, South Korean won, and Malaysian ringgit, strengthened as China’s yuan showed signs of recovery. The stronger yuan fixed rate and selling of dollars by Chinese state-owned banks suggested efforts to slow down the currency’s decline. The yuan had been under pressure due to China’s slowing economy, but the recent actions by Chinese authorities provided relief to other regional currencies. Singapore’s dollar also firmed slightly, despite poor industrial output data. Stocks in Manila and Bangkok rose slightly, while stocks in Seoul and Taiwan experienced losses. Geopolitical concerns stemming from the attempted mutiny in Russia and Turkey’s weakening lira also affected market sentiment. Overall, the focus shifted from global growth concerns to the yuan’s recovery, which boosted risk sentiment in Asian currencies.


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