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00:00 Pace of yuan revaluation; factors behind move
02:10 Trade imbalances; global, U.S. economy

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Asian currencies strengthened this week, led by South Korea’s won and the Philippine peso, as signs the global economic recovery will withstand Europe’s debt crisis boosted demand for riskier assets.

The Bloomberg-JPMorgan Asia Dollar Index and the MSCI Asia Pacific Index of shares had their biggest gains in at least five months and the won jumped the most in a year. The Conference Board this week said its leading indicator of China’s economy rose by the most in 14 months and the Organization for Economic Cooperation and Development forecast the fastest growth for South Korea since 2002. Thailand yesterday reported its best export growth in almost two years.

“There has been optimism that the impact of Europe’s problems on the Asian economy may be limited, supporting the purchase of regional currencies,” said Minori Uchida, a senior analyst in Tokyo at Bank of Tokyo-Mitsubishi UFJ Ltd., a unit of Japan’s biggest bank. “Gains in stocks are also a supporting factor.”

The won appreciated 3.6 percent to 1,202.65 per dollar, according to data compiled by Bloomberg. The peso climbed 1.6 percent to 45.905 and the Indian rupee was 1.4 percent stronger at 46.1787.

The Bloomberg-JPMorgan Asia Dollar Index, which tracks the region’s 10 most-traded currencies excluding the yen, gained 1.0 percent and the MSCI Asia Pacific Index of shares rose 3.3 percent. Stocks in South Korea and Taiwan attracted about $1.9 billion from abroad, according to data compiled by Bloomberg.

Stock Inflows

Equity funds investing in Asia excluding Japan took in money for the first time in six weeks, drawing the most since April, according to EPFR Global, which tracks firms overseeing $13 trillion of global assets. Emerging-market stock funds attracted $2.5 billion, the second-highest tally this year.

Korean Finance Minister Yoon Jeung Hyun said yesterday growth will likely exceed 5 percent this year and a government report showed spending at the three biggest department stores climbed for a 15th month in May. Gross domestic product will increase 5.8 percent this year as exports surge and domestic demand strengthens, the OECD said this week.

“The won has been doing pretty well because of the economic fundamentals,” said Yun Suk Cho, a currency dealer at Korea Exchange Bank in Seoul. “There is a big possibility that we will break 1,200 against the dollar next week as the markets stabilize.”

Exports, Jobs

Thailand’s exports jumped 42 percent from a year earlier in May, the most since July 2008, Commerce Minister Porntiva Nakasai said yesterday. The Philippines on June 15 raised its economic growth target for this year to as much as 6 percent, from a previous goal of 3.6 percent. Taiwan will next week report an eighth straight gain in export orders and the lowest jobless rate since 2008, according to the median estimates of economists surveyed by Bloomberg.

Taiwan’s dollar completed its biggest weekly gain in nine months as an improving economy and the prospect of a trade deal with China spurred inflows.

Gross domestic product rose at the fastest pace in more than 30 years in the last quarter and China’s government said June 13 a basic agreement has been reached with the island on goods, services and industries chosen for initial tariff cuts in the planned trade pact.

“Funds are flowing back as investors seek riskier assets,” said Tigr Cheng, a strategist at Polaris Securities Co. in Taipei. “People have been upbeat about the economy.”

The island’s currency climbed 0.8 percent this week to NT$32.190 against the greenback, according to Taipei Forex Inc.

Elsewhere, the Malaysian ringgit gained 0.8 percent to 3.2500, the Singapore dollar strengthened 1.2 percent to S$1.3864 and the Indonesian rupiah appreciated 1.2 percent to 9,096. The Thai baht rose 0.2 percent to 32.40.

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Taiwan’s export orders rose for an eighth consecutive month in May as Europe’s debt crisis failed to damp demand for the island’s computers and television screens.

Orders, an indication of shipments in the next one to three months, advanced 34.03 percent from a year earlier, after a 35.15 percent gain in April, the Ministry of Economic Affairs said in Taipei today. The median of 13 estimates in a Bloomberg News survey was for a 37.9 percent rise.

Growing demand for Taiwan’s products in China spurred a 13.3 percent expansion of the economy last quarter, the biggest gain in more than 30 years, and helped Taiwan Semiconductor Manufacturing Co. post record monthly sales in May. President Ma Ying-jeou is aiming to sign a trade accord with China at the end of this month that will cut tariffs on Taiwanese products.

“Asia’s exporters are benefiting from China’s strong appetite for household appliances, computers and mobile phones,” Lucas Lee, an economist at Mega Securities Co. in Taipei, said ahead of the release. “However, concerns about Europe’s debt problem will begin to affect sentiment and slow overall external growth in the second half.”

The European Union last month announced a 750 billion-euro ($934 billion) rescue package to shore up the finances of the region’s weakest economies amid concern governments will struggle to tackle their budget deficits.

Interest Rates

Taiwan may this week join central banks in Asia including Indonesia and South Korea in keeping borrowing costs unchanged as it gauges the fallout from Europe’s debt crisis, Lee said.

Taiwan Semiconductor, the world’s biggest custom-chip maker, said June 10 its unconsolidated sales surged 38.3 percent to NT$33.8 billion in May. Chairman Morris Chang last week raised his forecast on the growth of global chip-industry sales to “nearly 30 percent” this year, compared with an April estimate of 22 percent.

Today’s figures were released after the close of trading on the stock exchange. The Taiex index rose 1.9 percent to 7,635.56, its highest level since May 14. The Taiwan dollar advanced 1.4 percent to NT$31.741 versus the U.S. dollar as of 2:54 p.m. local time, according to Taipei Forex Inc.

The value of export orders dropped to $33.73 billion last month from $33.96 billion in April, today’s report showed.

Export orders from China and Hong Kong combined increased 34.34 percent last month, after a 40.7 percent gain in April. Orders from the U.S. climbed 20.32 percent from a year earlier, after a 23.58 percent rise in April.

Initial Agreement

Taiwan and China reached an initial agreement on tariff reductions for a total of 750 items after a third round of talks in Beijing on June 13 on the so-called Economic Cooperation Framework Agreement.

President Ma has been pushing for an accord to bolster export-dependent Taiwan’s economy after a Chinese trade agreement with the Association of Southeast Asian Nations began this year. Ma, who took office in May 2008, is also seeking better relations with the island’s biggest trading partner and No. 1 investment destination.

Orders for electronics rose 32.75 percent last month after a 33.22 percent increase in April, today’s report showed. Demand for information technology and communications products climbed 39.25 percent in May after increasing 35.96 percent a month earlier.

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