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EMERGING MARKETS-Fading dollar lifts emerging assets, China's yuan shines
2017年9月7日 / 上午9点20分 / 3 个月前

EMERGING MARKETS-Fading dollar lifts emerging assets, China's yuan shines

    By Karin Strohecker
    LONDON, Sept 7 (Reuters) - Emerging stocks gained and some
currencies strengthened on Thursday, led by the Chinese yuan
rising above a key rate of 6.5 per dollar as a U.S. debt ceiling
deal and receding prospects of Fed rate hikes boosted risk
appetite.
    Markets around the globe were in a positive mood after U.S.
President Donald Trump and congressional leaders unexpectedly
agreed to raise the government debt limit until December.
            
    Adding to this was the fading prospect of a U.S. interest
rate hike after Fed Vice Chair Stanley Fischer, a veteran
central banker who helped set the bank's course, said he would
step down in mid-October.             
    MSCI's emerging markets benchmark           rose 0.4
percent, boosted by gains in Asia and also Russia         and
other emerging European bourses                .
    Heavyweight South Korea         provided the biggest lift,
jumping more than 1 percent and snapping a five-day losing
streak, also boosted by Washington suspending plans to end its
free trade pact with Seoul for now.             
    That boosted the won       , which strengthened 0.2 percent
against a flagging dollar       . 
    "With the annual U.S. debt ceiling jamboree ending in a
temporary three months Trump-Democrat agreement and all waiting
to see where (North Korean leader) Kim, shoots his next missile,
markets are taking a breather," Simon Quijano-Evans, strategist
at Legal & General Investment Management wrote in a note. 
    The yuan was another winner, rallying through the 6.5 per
dollar for the first time since May 2016, with the onshore spot
yuan            reaching a high of 6.4969 in its ninth straight
session of gains before slipping back. The yuan has strengthened
nearly 7 percent since the start of the year.             
    Data showed Chinese foreign exchange reserves edged up in
August for a seventh straight month, though slightly less than
expected.             
    Shrugging off lower oil prices               , Russia's
rouble        strengthened 0.5 percent. Fellow crude producer
Kazakhstan saw the tenge        rebound from a 10-month low and
jump nearly 2 percent after the central bank said the currency
was undervalued against the rouble and disclosed recent
interventions.             
    South Africa's rand eased 0.5 percent against the dollar. 
    Currencies across Central and Eastern Europe trod water
against the euro ahead of a decision by the European Central
Bank, where President Mario Draghi is set to start laying the
groundwork for a cut in monetary stimulus. 
    A subdued outlook for inflation means Draghi is however
unlikely to make any commitment yet.             
    "The next question for emerging markets will be what Mr
Draghi says... today, especially given the underperformance of
the more 'dollar-based' emerging markets FX versus an
unexpectedly stronger euro year-to-date," Quijano-Evans added.
    Serbia's central bank is expected to keep its benchmark
interest rate at 4 percent for the 14th straight month later in
the day as it weighs low growth and economic pressures at home
against uncertain monetary policy developments
abroad.            
            
For GRAPHIC on emerging market FX performance 2017, see tmsnrt.rs/2e7eoml

For GRAPHIC on MSCI emerging index performance 2017, see tmsnrt.rs/2dZbdP5
    
    For CENTRAL EUROPE market report, see       
    For TURKISH market report, see      
    For RUSSIAN market report, see         )
     Emerging Markets Prices from Reuters            
 Equities                  Latest    Net Chg  % Chg  % Chg      
     
                                                     on year    
       
 Morgan Stanley               
 Emrg Mkt Indx             1087.64    +4.46   +0.41  +26.14     
       
 Czech Rep                 1024.43    -0.52   -0.05  +11.16     
       
 Poland                    2517.22    +4.82   +0.19  +29.23     
       
 Hungary                  37956.33   +77.47   +0.20  +18.60     
       
 Romania                   8019.65    +3.92   +0.05  +13.19     
       
 Greece                     813.98    +2.28   +0.28  +26.47     
       
 Russia                    1114.71    +8.01   +0.72   -3.26     
       
 South Africa             48762.61  -261.05   -0.53  +11.07     
       
 Turkey                   09637.68   +25.88   +0.02  +40.31     
       
 China                     3366.43   -18.96   -0.56   +8.47     
       
 India                    31663.14    +1.17   +0.00  +18.92     
       
            
 Currencies              Latest    Prev    Local    Local       
      
                                   close   currency currency    
       
                                           % change % change    
       
                                                    in 2017     
      
 Czech Rep                26.09     26.09   -0.02    +3.50      
     
 Poland                    4.25      4.25   -0.00    +3.70      
     
 Hungary                 305.88    306.29   +0.13    +0.96      
     
 Romania                   4.60      4.59   -0.02    -1.31      
     
 Serbia                  119.29    119.33   +0.03    +3.40      
     
 Russia                   57.09     57.37   +0.50    +7.32      
     
 Kazakhstan              334.79    341.30   +1.94    -0.34      
     
 Ukraine                  25.98     26.00   +0.08    +3.93      
     
 South Africa             12.83     12.76   -0.57    +7.00      
     
 Kenya                   103.05    103.10   +0.05    -0.66      
     
 Israel                    3.54      3.55   +0.09    +8.65      
     
 Turkey                    3.42      3.42   +0.02    +3.00      
     
 China                     6.50      6.52   +0.39    +6.87      
     
 India                    64.03     64.06   +0.04    +6.11      
     
 Brazil                    3.10      3.10   +0.02    +4.98      
     
 Mexico                   17.75     17.79   +0.21   +16.71      
     
            
 Debt                 Index   Strip Spd  Chg   %Rtn   Index     
       
 Sov'gn Debt          EMBIG   319         2    .05  8 06.36 1   
        
            
 All data taken from Reuters at 09:10 GMT. Currency percent
change calculated from the daily U.S. close at 2130 GMT.

    
 (Reporting by Karin Strohecker, Graphic by Alexander Winning;
editing by John Stonestreet)
  

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