Asian Currencies Drop As Data Confirm China’s Economic Slowdown
Bloomberg — Asian currencies fell for a second week as Chinese data added to signs the global economy is slowing, helping drive the worst five-day performance in regional stocks in almost two months.
South Korea’s won snapped a six-week winning streak after the central bank cut interest ratesand trimmed its 2012 growth forecast to 3 percent from 3.5 percent. China’s gross domestic product increased by the slowest rate in more than three years in the second quarter, while imports missed economists’ estimates, damping the outlook for Asian exports.
“There has been growing concern over the global economic slowdown and that makes it hard for investors to take riskier positions,” said Kozo Hasegawa, a Bangkok-based currency trader at Sumitomo Mitsui Banking Corp. “Sentiment is rather weak.”