China's yuan gained the most in two weeks before a Sino-U.S. strategic economic dialogue in Beijing tomorrow that may include discussions on whether the Chinese currency is undervalued. It appreciated 0.05 percent to 6.3070 per dollar in Shanghai.
The baht fell 0.3 percent to 30.84 against the U.S. currency in Bangkok, versus 30.75 on April 30. The Bank of Thailand kept its benchmark one-day repurchase rate at 3 percent.
Elsewhere, Indonesia's rupiah dropped 0.1 percent to 9,199 per dollar and the Philippine peso rose 0.1 percent to 42.190. India's rupee declined 0.3 percent to 52.89.
The ringgit appreciated to 3.0268 after touching 3.0208, a level last seen on March 13. Taiwan's dollar closed little changed at NT$29.24 after hitting an eight-month high of NT$29.08.
China's Purchasing Managers' Index climbed to a one-year high of 53.3 in April from 53.1 in March, while the Institute for Supply Management reported U.S. factory output increased to 54.8, the highest since June. Thailand's baht ended a five-day rally after the Bank of Thailand kept borrowing costs unchanged at its policy meeting today.
Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.
Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.Read the Terms of Service