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People walking past a panel displaying China stock market indexes in Hong Kong.
PHOTO: REUTERS
The Singapore dollar fell to a more than six-year low on Thursday (Jan 7) on the back of another yuan devaluation. The Singdollar was trading at S$1.4357 per US dollar as at 11.26am on Thursday morning (Jan 7), from its close of 1.4344 on Wednesday. It hit a six-year low of 1.4432 at 9.18am.
Credit rater Fitch Ratings said that Singapore-listed Noble Group increased collateral requirements following a series of credit events in 2015 is manageable given its improved liquidity following asset sales.
DBS Group Holdings and Standard Chartered are among banks suspended from some foreign- exchange business in China, according to people with knowledge of the matter. Standard Chartered has appealed to China's central bank to shorten a ban running through March, said one of the people, who asked not to be identified because they're not authorized to speak publicly.
Singapore-based aircraft leasing firm BOC Aviation said Thursday (Jan 7) it has ordered 30 Airbus A320s worth more than US$3 billion (S$4.3 billion) at list prices to meet growing demand.
China's foreign-exchange reserves declined by a record US$108 billion (S$154.7 billion) to a three-year low in December as the central bank sold dollars to prop up the yuan. The currency hoard shrank to US$3.33 trillion at the end of December, from US$3.44 trillion a month earlier, the People's Bank of China said in a statement Thursday.
China accelerated the depreciation of the yuan on Thursday (Jan 7), sending currencies across the region reeling and stock markets tumbling, as investors feared the Asian giant was kicking off a trade war against its competitors.
Brent crude futures fell to a fresh 11-year low on Thursday (Jan 7) as a sliding yuan and an emergency halt in China's stock trading left Asian markets in a turmoil, while a huge supply overhang and near-record output levels also continued to drag on oil prices.
Global markets are facing a crisis and investors need to be very cautious, billionaire George Soros told an economic forum in Sri Lanka on Thursday. China is struggling to find a new growth model and its currency devaluation is transferring problems to the rest of the world, Mr Soros said in Colombo.
