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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.”

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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Corporate debt market in Thailand well positioned for further growth

Brazil, China, South Africa and Thailand are best-placed for corporate debt market growth says Moody’s Investors Service in a report that analyzed trends in 35 emerging markets.

Olivier Languepin

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Corporate debt markets in Brazil (Ba2 stable), China (A1 stable), South Africa (Baa3 negative) and Thailand (Baa1 positive) are best-placed to achieve further growth in the coming years, Moody’s Investors Service said today in a report that analyzed trends in 35 emerging markets.

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BOT relaxes rules to Curb Strong Baht

the Bank of Thailand (BOT) decided to relax regulations to facilitate capital outflows to help promote capital flow balance and lessen pressure on the baht.

Boris Sullivan

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The Thai baht has been under pressure due to imbalanced capital flows in the current environment of highly uncertain and volatile external conditions, the Ministry of Finance (MOF) and the Bank of Thailand (BOT) decided to relax regulations to facilitate capital outflows to help promote capital flow balance and lessen pressure on the baht.

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Bank of Thailand cuts rate by 0.25% to 1.25 per cent

The latest cut brings the Bot’s policy rate to an historical low, which the bank maintained from April 2009 to July 2010 during the subprime global financial crisis.

Bahar Karaman

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​On 6 November 2019, the MPC voted 5 to 2 to reduce the policy rate by 0.25 percentage point from 1.50 to 1.25 percent, effective immediately. Two members voted to maintain the policy rate at 1.50 percent.

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