Wednesday, Apr 22, 2015Wednesday, Apr 22, 2015

Won leads slide in Asian currencies on China worries; baht at 4-year low

Published on Jan 6, 2014 2:03 PM

SINGAPORE (Reuters) - The South Korean won hit a near six-week low on Monday, leading losses among emerging Asian currencies, on worries about a slowdown in China at a time when the US Federal Reserve is expected to keep trimming monetary stimulus.

The won came under pressure from offshore fund supplies and dollar demand linked to foreigners' recent stock selling, traders said.

Goldman Sachs said in a research note it expects the Bank of Korea to cut its policy rate in the near term, changing its view of rates being on hold in the first half of the year before a cycle of higher rates begins in late 2014.

The Thai baht hit another four-year low on dollar bids from custodian banks and offshore funds' selling amid intensifying political tensions.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!