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US dollar downgrade highlights Asia's appeal
by hlk Tue 09 Aug 2011, 00:15
KUALA LUMPUR: HSBC Global Research says any Asian currency weakness is likely to be temporary as it does not believe that any global systematic financial breakdown is imminent on the back of the US credit rating downgrade.
In a statement today, HSBC said the most recent US developments further re-affirmed the bank's medium-term bullish view on Asian currencies, particularly the yuan, Singapore dollar, ringgit and rupiah.
"In our view, any near-term weakness in Asian currencies provides us with good opportunities to buy into a structurally-sound currency," it said.
HSBC said the latest International Investment Positions showed on a net private basis, Asia was still a net debtor, excluding forex reserves held by Asian central banks. - Bernama
In a statement today, HSBC said the most recent US developments further re-affirmed the bank's medium-term bullish view on Asian currencies, particularly the yuan, Singapore dollar, ringgit and rupiah.
"In our view, any near-term weakness in Asian currencies provides us with good opportunities to buy into a structurally-sound currency," it said.
HSBC said the latest International Investment Positions showed on a net private basis, Asia was still a net debtor, excluding forex reserves held by Asian central banks. - Bernama
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