A number of Asian central banks intervened to support the U.S. dollar as the currency fell to a one-year low against a basket of Asian currencies. Thailand, Malaysia, Singapore and Hong Kong stepped in to support the dollar. "Other Asian central banks outside China are naturally looking to aggressively defend their competitive edge against undesirable currency strength as the dollar weakens," said Simon Derrick, a currency analyst at Bank of New York Mellon.

Related Summaries