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HSBC’s Currency Expert Says Speed of Yuan Drop Is Frightening

David Bloom, global head of currency strategy at HSBC Holdings Plc, talks about the yuan and Federal Reserve policy

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David Bloom, global head of currency strategy at HSBC Holdings Plc, talks about the yuan and Federal Reserve policy. He speaks with Angie Lau on Bloomberg Television’s “First Up.”

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The yuan, which is traded freely in Hong Kong, fell as much as 0.64% to 6.6071 Thursday in the offshore market.

“It is the speed of the move that is frightening, not the direction”, commented David Bloom.

Traders said they noticed large, state-owned Chinese banks selling dollars and buying yuan through the day Wednesday to keep the offshore yuan’s level at par with that of the onshore yuan.

The moves highlight Beijing’s continued struggles to tame the freely traded offshore yuan and guide investor expectations on how far the yuan could fall. In recent weeks, analysts have lowered their forecasts for where the yuan will trade against the U.S. dollar this year.

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The ACGF is an ASEAN Infrastructure Fund initiative managed by ADB’s Southeast Asia Department Innovation Hub. It helps Southeast Asian governments prepare and finance infrastructure projects promoting environmental sustainability and contributing to climate change goals.

Asian Development Bank

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Southeast Asia faces an infrastructure investment shortfall of more than $100 billion a year, which may have worsened amid the COVID-19 pandemic.

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Banking

Thai cabinet approves 350 billion baht Aid for COVID-hit Businesses

Thailand unveiled new measures to help small and medium COVID-hit businesses in the tourism industry hit by a liquidity crunch.

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The Thai cabinet has approved assistance worth 350 billion baht($11 Billion) to help businesses affected by COVID-19 with soft loans and asset warehousing.

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Banking

APAC Banks to Face Portfolio Valuation Losses As Yields Rise

The latest data suggest that Fitch-rated banks in Hong Kong, India, Indonesia, Malaysia and Taiwan have the largest AFS securities portfolios, and display particular sensitivity to changes in yields.

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Fitch Ratings-Hong Kong/Singapore-21 March 2021: A rise in yields for long-dated sovereign bonds will result in near-term losses for Asia-Pacific (APAC) banks as they recognise valuation changes on their available-for-sale (AFS) bond portfolios, but the capital impact should be manageable for most rated banks, says Fitch Ratings.

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