Homepage / Asia / Philippine central bank tries to calm market, says peso not in free fall
China just released a bunch of economic data that was in line with expectations China lifts market rates, following move by Fed China and India are fiercely competing to control an airport that basically nobody uses Chinese state press slams Western 'paranoia' for suspicions of infiltration Microsoft doesn't have a flashy assistant like Alexa, but its A.I. is trying to change how you work Cramer says Fox deal will give Disney the scale it desperately needs Just Capital's Dan Hesse: Companies that do good things have roughly 33 percent higher returns Asian markets to focus on Fed's third rate hike of the year; US dollar slides Cramer: Bull markets 'die on euphoria,' and we're one step away There's a one-bedroom condo for sale in Miami — and the seller will only accept bitcoin Apple co-founder, ‘father of the internet’ to FCC: ‘You don’t understand how the internet works’ Satya Nadella wishes Microsoft had got into the public cloud business sooner This elevator goes up, down and sideways, and could be the key to taller skyscrapers Apple has a $1 billion fund for US manufacturers, but it could invest more, said COO Jeff Williams Fed raises rates a quarter point, hikes growth outlook for economy You should update your iPhone now, as the new software fixes a pretty big bug 'Nobody has built a money-printing machine like Apple,' VC Jason Calacanis says These 90 private companies are reshaping the space industry, says Morgan Stanley Gundlach says if you bet against bitcoin today 'you'll make money' Uber's culture issues can be blamed on Silicon Valley's hunger for fast growth: Arianna Huffington Google, Facebook founders were naive about propaganda, extremist content, say Silicon Valley titans Gundlach: Tax plan could have some' unintended consequences,' hurt junk bond market Cramer: People will fight it, but Apple's investment in Finisar is a 'fantastic' deal Facebook found just three Russian-bought Brexit ads, amounting to less than $1 Overstock.com shares spike after blockchain unit announces for-profit property registry Dow stock Boeing is on track for best year in nearly 4 decades, but the charts point to trouble Another bitcoin rival leaps to a record high, surpassing litecoin's market value Martin Sorrell: Finalized Disney-Fox deal would be a top media investment for us What to expect in Yellen's swan song: 'She's not a showboater' Target to buy grocery delivery service Shipt for $550 million When politicians and executives get caught out Some of Facebook’s early friends now its sharpest critics US says hacker to plead guilty for role in 2016 cyber attacks Laser chip maker Finisar jumps 25% on news that Apple's investing $390 million in the company The Amazon Echo now lets you play Spotify across all of your Echos Citi has 5 reasons — including tax reform and global growth — why Apple can keep crushing market Facebook will start streaming WWE professional wrestling next month Deregulation, global stock rally to 'propel' Morgan Stanley higher in 2018: KBW analyst A new law bans Kaspersky software from use in the US government Bitcoin 'dwarfs' nearly all bubbles, including 1929 crash: Investor Ken Fisher How 2017 became a turning point for tech giants The biggest risk you face when choosing between a human and a robo-advisor Disney deal with Fox would be a ‘home run’ in its battle against Netflix, Amazon, analyst Ives says Stocks making the biggest moves premarket: HON, LLY, AMGN, TM, HD & more Apple's 'innovation complacency' could see it lag Google, Amazon in post-smartphone world, study says Cryptocurrency market now worth $500 billion, more than Warren Buffett's Berkshire Hathaway Tesla stock is up 12 percent in a week — but it could be time to pump the brakes Why Donald Trump's Jerusalem move might have made Russia a lot stronger Weekly mortgage applications fall 2.3% as rates rise Apple invests $390 million into Finisar, which makes laser chips for iPhone X and AirPods Leuthold's Doug Ramsey reveals top sector picks, bullish market predictions Tillerson says the US is ready to begin direct talks with North Korea German stock exchange operator Deutsche Boerse experiences trading disruption Russian court freezes $1.7 billion of Sistema assets at request of Rosneft A top Facebook exec is jumping on the bitcoin bandwagon ECB set to lift its growth outlook as massive bond-buying slowly winds down Swedish fintech start-up iZettle raises $47 million; CEO says 'time will tell' for IPO plans Google's top searches in 2017: Hurricanes, Matt Lauer and Tom Petty Google is blocked in China, but that's not stopping it from opening an AI center there UAE oil giant must build regional 'credibility' ahead of Saudi Aramco IPO next year European markets set to tread water ahead of Fed's decision Founder of a would-be tech powerhouse is blacklisted by China for allegedly disobeying court order Japanese start-up ispace just secured funds for first two lunar missions starting in 2019 China's GDP growth set to plunge to near 30-year low in 2018, ADB warns FBI agents called Trump an 'idiot' during presidential race South Korea may tax capital gains from cryptocurrency trading Japanese e-commerce firm to launch program for tech startups in Singapore I was wrong about bitcoin. Here's why Free money from China comes with strings — as one country's learning the hard way This power couple bought bitcoin in 2013, donated gains to cancer hospital Cramer Remix: What being young and broke taught me about the stock market Companies must have 'a culture of security' to prevent cyberattacks, McAfee CEO says Cramer's charts predict full speed ahead for industrial stocks like Caterpillar, Honeywell Asia markets take cues from a mixed US trading day ahead of Fed decision Cramer finds value-creating, investment-worthy CEOs across industries Novogratz says he would sell litecoin after its surge, sees bitcoin hitting $40k within a few months Here's why bitcoin prices are different on each exchange This start-up is making remote-controlled robots that can do surgery in space Apple’s up 43,000 percent since its IPO, and could soon surpass $1 trillion in market cap MongoDB falls despite earnings beat Why investors should beware stocks getting the bitcoin boost Billionaire investor Druckenmiller: ‘I love Amazon' more than Apple Facebook's accounting shift shows it expects a higher European tax bill next year Coinbase suspends ethereum buys and sells twice in one day Tesla shares pop after PepsiCo orders biggest fleet of Semi trucks so far San Francisco's mayor oversaw tax break that helped spark a new tech boom in the city Net neutrality protests have moved online, but big tech is keeping quiet My kids get 'no screen time whatsoever,' says Silicon Valley investor Chamath Palihapitiya I owned bitcoin for a weekend and here's what I learned NYU's Scott Galloway on bitcoin: It shows young people 'have no faith in our institutions' Some Ryanair pilots in Ireland to strike, German union steps up pressure Companies are already paying a tax rate as low as 13%, economist Yardeni estimates Facebook slams former exec Palihapitiya, saying it 'was a very different company back then' 80% of Wall Street economists, strategists believe bitcoin is a bubble: Survey Facebook to book advertising revenue locally amid political pressure Strategist Tom Lee: Young people will drive bitcoin gains just as boomers boosted stocks in the '80s This founder started in his parents' garage—now his company does over $100 million a year Activision shares to get a boost from Overwatch, Diablo sequels, Goldman says Bank of England to meet amid UK inflation surge: What to look out for Verizon will launch over-the-top service before year-end with NFL as key piece, analyst predicts

Asia

Philippine central bank tries to calm market, says peso not in free fall

The Philippine central bank on Sunday sought to soothe frayed nerves in the foreign exchange market after the peso hit an 11-year low, saying it was not in a freefall and assuring it would be on guard against excessive volatility.

“Let’s calm down,” Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla said in a statement, downplaying the peso’s slump to 51.08 to the dollar on Friday, its weakest since August 2006.

Most emerging Asian currencies fell on Friday as investors dumped riskier assets amid a sharp escalation in tensions between the United States and North Korea.

“We don’t expect it to do a freefall because our economic fundamentals now, unlike before, are solid and very strong. This is reflected in our investment grade (credit) rating,” Espenilla said.

He said it was natural for the peso to show volatility as it adjusts to market conditions and all the “short-term uncertainties” such as heightened geopolitical tension.

The peso was “capable of correcting itself as the market calms down and digests the relevant information,” he said.

Espenilla said the BSP could use its huge pile of foreign exchange reserves to play a stabilizing role in the market.

“The BSP stands vigilant….We’re on the right track,” he said.

Espenilla also sought to downplay worries about the Philippines running a current-account deficit, which may widen to $1.6 billion in 2018, from an estimated $600 million shortfall this year, according to the central bank.

For the Philippines to sustain growth, he said it needs to catch up on high quality investments, especially infrastructure.

“It’s natural for it to run moderate current account deficits. In fact, it’s sub-optimal for it to be persistently running current account surpluses,” he said.

“That’s like the equivalent of deploying our own savings to the world instead of using those internally to finance our own investment needs.”

A construction boom in the Philippines, fueled by President Rodrigo Duterte’s $180 billion “Build, Build, Build” infrastructure campaign, has contributed to the peso weakening amid a recent surge in capital goods imports, including excavators, road rollers and dump trucks.

With this trend expected to continue, the central bank last week said the peso was likely to “show continued depreciation.”

Duterte has already approved the auction of 21 projects worth $16 billion, including the overhaul of Manila’s shabby airport and a railway line on Mindanao island in the south.

On Sunday, the Department of Finance said the government has approved six new big-ticket projects worth a combined 57.5 billion pesos, including construction of bridges intended to ease traffic congestion in the capital Manila.

Despite a weaker dollar, the peso has now fallen 2.5 percent so far this year while most other Asian emerging currencies have racked up solid gains.

A Reuters poll last show showed investors likely retained bearish bets on the peso, though they may have trimmed them slightly in the last two weeks. In contrast, investors were optimistic other Asian currencies would see further gains.

Source: cnbc china
Philippine central bank tries to calm market, says peso not in free fall

Comments are closed.