Thailand Finance – Aisa Net Wed, 23 Nov 2022 15:47:39 +0000 en-US hourly 1 Thailand Finance – Aisa Net 32 32 WAYTOUS will create the first overseas self-driving project in China’s mining area Wed, 23 Nov 2022 13:29:00 +0000

Bangkok, Thailand–(Newsfile Corp. – Nov. 23, 2022) – Recently, a Memorandum of Understanding (MOU) signing ceremony for Thailand’s first 5G+ intelligent autonomous vehicle solution for a sustainable industrial advancement project held in Bangkok, Thailand. Mr. Roongrote Rangsiyopash, Chairman of Siam Cement Group (SCG), Mr. Somchai Lertsutiwong, CEO of Thailand Advanced Info Services Public Co., Ltd. (AIS), Mr. Han Liao, President of Carrier Business Group, Huawei Technologies (Thailand) Co., Ltd., Prof. Long Chen, CEO of Qingdao WAYTOUS Smart Machine Co., Ltd., and Mr. Zhiqiang Yu, CEO of Zhengzhou Yutong Mining Equipment Co., Ltd. jointly signed the Memorandum of Understanding and joined hands to open a new chapter in building green and smart mines. Professor Biao Jiang, Academician of IEAS and Director of the Innovation Cooperation Center of Chinese Academy of Sciences (CAS-ICC Bangkok), was invited to attend the ceremony and witness the signing of the contract .

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Thailand’s first intelligent autonomous vehicle solution for a sustainable industrial advancement project is located in the SCG Salaburi mining area with a total investment of $10 million. Relying on the full application of advanced technologies, such as 5G, artificial intelligence, autopilot, cloud computing and new energy batteries, this mining area will be integrated into a new type of green mine. , smart, efficient and safe. It will become a leading model of mines in Thailand, and even in the ASEAN region. Based on self-developed “YUGONG” intelligent mining system, WAYTOUS will provide technical services for this project by extending autonomous driving, intelligent dispatch and intelligent cooperative operation technologies to new energy mining trucks, and create the first overseas self-driving project in China’s mining industry.

WAYTOUS, together with Chinese and Thai partners, will build the first smart mining in Thailand and the ASEAN region, which is sure to become a model for regional cooperation between China and Thailand in the fields of 5G, artificial intelligence, autonomous driving and new energies. within the framework of the new mode of cooperation of the Asia-Pacific region.

In the context of strengthening the comprehensive strategic partnership between Thailand and China for mutual trust and win-win cooperation, the Chinese Academy of Sciences (CAS), a representative of China’s scientific and technological strength, established the CAS -ICC Bangkok in 2017. The aim is to introduce Chinese achievements in high-tech innovation to Thailand, which provides strong support for Thailand’s economic development and the training of scientific and technological personnel. WAYTOUS is a “national team” high-tech enterprise in the field of artificial intelligence and intelligent control incubated by the Institute of Automation of the Chinese Academy of Sciences. Throughout this cooperation, WAYTOUS will create a successful case of China-Thailand cooperation in the field of artificial intelligence, further promote China’s science and technology innovation, and help expand cooperation through science, technology and innovation between China, Thailand and other ASEAN countries. .

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In China, WAYTOUS, a leading unmanned mining technology and service provider, has been actively working with Huawei and Yutong for many years to create the strongest cooperative ecology in sustainable smart mining in China. WAYTOUS has formulated a strategic goal of overseas development in 2021, and overseas customers interested in deep cooperation are very important for WAYTOUS to build a successful overseas model. Over the past year and a half, the five parties from China and Thailand have overcome all difficulties and worked together, and the professionalism and patience of the partners have enabled WAYTOUS to cherish the opportunity to work with all parties. to build a mine of green wisdom. The signing marks the formation of the ecological capacity of the five parties to cooperate. Through increased cooperation, WAYTOUS will work with partners to develop relevant standards for smart green mining, rush superior patents, explore advanced models, and inject sustainable and smart future genes into the mining development of Thailand and even the ASEAN region.

By maximizing respective advantages, WAYTOUS and its strategic green partners provide integrative solutions for unmanned and smart mines ensuring quality, durability and intelligence. In recent years, WAYTOUS, Huawei and Yutong have cooperated closely. The solutions have implemented several unmanned and smart mines from major companies. So far, WAYTOUS has launched the second phase of Yangquan Jidong Cement 5G+ smart mining project with GTC Jidong Cement and Yutong. This project has authentic unmanned and 24/7 operation for the entire mine with self-driving vehicles. It becomes the first fully autonomous project in China, symbolizing a benchmark and a reference case for intelligence and sustainable development of cement mines.

Media Contact
Company name: WAYTOUS
Contact: Andy chen
Phone: +86-13811154204

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UPDATE 2-TSMC plans advanced chip production in Arizona, says company founder Mon, 21 Nov 2022 05:26:15 +0000

(Adds more quotes from Chang)

By Sarah Wu

TAIPEI, Nov 21 (Reuters) – Taiwanese chipmaker TSMC plans to produce chips with advanced 3-nanometer technology at its new factory in the U.S. state of Arizona, but plans are not yet fully finalized , company founder Morris Chang said Monday.

Taiwan Semiconductor Manufacturing Co Ltd (TSMC), a major supplier to Apple Inc and the world’s largest contract chipmaker, is building a $12 billion factory in Arizona.

Last year, Reuters announced TSMC’s plans to build more chip factories in Arizona, including discussions on whether its next factory should be more advanced, which could manufacture chips with 3 nanometer technology versus the slower, less efficient 5 nanometer chips that will be produced when the factory begins production.

Chang, speaking to reporters in Taipei after returning from the APEC summit in Thailand, said the 3 nanometer factory would be located at the same site in Arizona as the 5 nanometer factory.

“Three nanometers, TSMC currently has a plan, but it hasn’t been fully finalized,” said Chang, who retired from TSMC but remains influential in the company and the chip industry in general.

“It’s almost been finalized – at the same site in Arizona, phase two. Five nanometers is phase one, 3 nanometers is phase two.”

TSMC, Asia’s most valuable listed company, declined to comment.

The company is hosting a “tool-in” ceremony in Arizona on December 6.

Chang said he would be there, along with TSMC customers and suppliers and U.S. Commerce Secretary Gina Raimondo.

Chang added that US President Joe Biden had also been invited, but was unsure whether he would come.

Taiwan’s dominance as a maker of chips used in technology from cellphones and cars to fighter jets has raised concerns that the world is too dependent on the island, especially as China steps up military pressure to assert its claims of sovereignty.

The United States and Europe are rolling out billions in incentives to get companies to manufacture chips closer to home, courting Taiwanese companies in particular.

Chang said people have just realized the importance of tokens.

“There are a lot of jealous people, jealous of Taiwan’s excellent chip manufacturing,” he said. “So there are also a lot of people who, for various reasons, whether for national security or to make money, hope to manufacture more chips in their country.”

Chang said in his APEC meetings “many countries have asked me, can we go to their country to make chips?”

He did not say which countries it was. (Reporting by Sarah Wu; Writing by Ben Blanchard; Editing by Edmund Klamann, Muralikumar Anantharaman and Gerry Doyle)

Crypto Exchange Zipmex Seeks Extended Creditor Protection With Takeover Talks ‘Ongoing’ Fri, 18 Nov 2022 14:03:13 +0000

Troubled cryptocurrency exchange Zipmex remains in talks with an investor over a takeover deal that could be completed as early as next week, according to a person familiar with the matter who asked to remain anonymous as she is not authorized to speak negotiations.

Earlier this month, Bloomberg reported that the company, which was granted three months of creditor protection by Singapore’s High Court in August, was in talks with venture capital fund V Ventures, a subsidiary of Thoresen Thai Agencies. Those talks were met with a “hiccup” that caused a delay, the person said.

Zipmex, which has entities in Thailand, Singapore, Indonesia and Australia, was one of many crypto firms to succumb to bear market pressures this year. It issued two loans to Babel Finance and Celsius Network worth $53 million, neither of which was repaid. Zipmex froze customer withdrawals in July citing market volatility.

As it tries to push the bailout deal down the line, Zipmex has requested an extension of its moratorium in Singapore, until April 2023, according to a statement on Friday. The moratorium is a form of protection that prevents creditors from making claims.

The company has appointed KordaMentha, an Australian restructuring firm, to help it put together a turnaround plan.

Banking in the Metaverse – The Next Frontier for Financial Services Wed, 16 Nov 2022 07:45:33 +0000

Banks have long known that if they can capture customers’ attention when they’re young, they’re likely to keep them for life. For this reason, they’ve always been quick to jump on new and emerging trends, and today’s tech hot potato – the Metaverse – is certainly no exception.

Gen Z consumers are entirely digital natives – online is the default option for them when searching for the products and services they need. The metaverse – persistent and immersive digital environments that potentially offer everything we need to live our lives digitally, under one roof – offers new ways for businesses to connect with customers. The banks, as always, were keen to take advantage of this.

If you need a little more information on what the Metaverse is and what it promises for the future, you can check out my Easy Explanation for Everyone article. If not, let’s dive in and look at how banks and other financial services organizations are making their mark there:

Virtual fairs

One of the most obvious uses of the metaverse, as far as retail banks are concerned, is to create “virtual branches” where they can sell banking products to a new generation of digital native Gen Z consumers, or provide customer service to their customers. existing customers.

Emerging metaverse platforms like The Sandbox and Decentraland attract hundreds of thousands of visitors each month, while established gaming platforms with metaverse-like features, such as Roblox or Fortnite, can attract millions. Their audiences are digital natives and want to do business with companies that share their understanding and enthusiasm for virtual worlds and game-style environments.

Among those who pioneered virtual storefronts is HSBC, which bought land in The Sandbox earlier this year which it will use to engage with esports fans and esports enthusiasts. . He is CMO for the Asia-Pacific region, said Suresh Balaji: “At HSBC, we see great potential to create new experiences through emerging platforms, opening up a world of opportunity for our current and future customers and communities. that we serve. Siam Commercial Bank of Thailand also has a virtual branch on The Sandbox platform.

JP Morgan Chase is another global banking giant that has already established a presence by moving to the Decentraland platform. It has created a lounge called Onyx inside the platform’s Metajuku virtual mall, which gives visitors information about blockchain and other technology-focused initiatives the bank is involved in. It also features a tiger and a portrait of the company’s CEO, Jamie Dimon.

However, this trend is not as new as it seems. Linden Labs’ Second Life is often cited as one of the first metaverse environments, having existed since 2003. A few years later, in 2007, Danish investment bank Saxo opened an office on the platform, with many features that today’s metaverse bankers are building, such as the ability to interact and communicate through avatars.

Bridging the gap between virtual economies and real economies

With spending in the metaverse expected to hit $5 trillion by 2030, it’s big business, and banks are already thinking about the profits that will be made by moving cash and perhaps other assets between the digital and physical worlds.

Metaverse platforms allow users to buy virtual goods – including sneakers from Nike and clothes from Gucci – to decorate their avatars and virtual homes. Money can be won in online games like Axie Infinity and Meta Cricket League. This usually involves trading cryptocurrencies and unique digital assets like NFTs. Moving that money into the real world involves exchanging it for real currency, which is paid into a bank account.

The startup Zelf – which calls itself the “bank of the metaverse” – offers regulated services to transfer money between virtual worlds and the real world, as well as to exchange in-game valuables between players.

It’s all about image

Banks and financial services companies have every interest in developing their image as pioneering and tech-savvy high-tech organizations.

With new technologies such as artificial intelligence (AI), automation, virtual reality (VR) and the Internet of Things (IoT) revolutionizing so many aspects of our lives, banks must ensure that ‘they are perceived as being at the cutting edge of technology. One of the reasons for doing so is that they will continue to attract top talent – ​​who otherwise might prefer to turn to tech giants like Google, Facebook or Apple for the most exciting and competitive career opportunities. more lucrative.

Much has been written and said about the skills crisis facing organizations that want to take advantage of the most powerful and potentially world-changing technologies. By ensuring they feature prominently in the metaverse, banks and financial institutions help ensure they are seen as top destinations for the brightest and most skilled graduates and job seekers. – those who hold the keys to leveraging the most truly transformative technologies. .

The future of banking?

So, is banking in the metaverse just another fad that will die out as consumers lose interest? Well, with physical bank branches closing at an unprecedented rate, it makes sense that financial institutions are turning to metaverse and virtual worlds as a way to maintain connection with customers and provide basic banking services.

It is also clear that virtual economies and trade in virtual goods and services are set to grow. As today’s younger generation of consumers grow up and want to bank and engage with financial services in environments they feel comfortable in, it seems likely that virtual environments will provide them with a familiar platform to do just that.

It’s true that no one knows exactly what the Metaverse is yet, much less what it will look like in five or ten years. However, it’s clear that banking and finance feel it will be an important part of our lives and want to make sure it’s a part of it as well.

To stay up to date with the latest new and emerging business and technology trends, be sure to subscribe to my newsletter, follow me on TwitterLinkedIn and YouTube, and check out my books “Tech Trends in Practice” and “Business Trends in Practice”, which just won the 2022 Business Book of the Year award.

UPDATE 1-Australian Albanian speaks briefly with Chinese Li, prompting talk about the summit -media Sun, 13 Nov 2022 06:31:04 +0000

(Adds details on trade pact; paragraphs 10-16)

SYDNEY, Nov 13 (Reuters) – Australian Prime Minister Anthony Albanese held brief talks with Chinese Premier Li Keqiang at a regional summit in Cambodia, Australian media reported on Sunday, raising expectations for a summit official with President Xi Jinping.

Relations between the countries have deteriorated in recent years, with China imposing sanctions on some Australian imports and reacting angrily to Canberra’s call for an international inquiry into the origins of COVID-19.

The Australian Broadcasting Corporation said Albanese and Li spoke when they arrived at an event on the sidelines of the Association of Southeast Asian Nations (ASEAN) summit in the Cambodian capital of Phnom Penh .

The discussion comes amid speculation of a possible meeting between Albanese and Xi at a Group of 20 major economies summit in Indonesia on Monday

Albanese’s office did not immediately respond to a Reuters request for comment on the report or what would be Albanese’s first meeting with Xi since becoming prime minister in May.

On Wednesday, the Australian leader said a meeting with Xi would be a positive development after years of strained relations.

The last summit meeting in 2019 saw Albanese predecessor Scott Morrison meet Xi at a G20 meeting, the Australian Foreign Office said.

Xi will attend the G20 meeting on the resort island of Bali, an adviser to Indonesian President Joko Widodo has said.

Last week, Albanese’s office announced that it would attend that meeting and a subsequent summit in Bangkok of the Asia-Pacific Economic Cooperation group.

Also on Sunday, Albanese said in a statement, negotiations concluded in Phnom Penh to upgrade the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA).

The pact covers improvements in e-commerce, competition, customs procedures and trade facilitation, trade in goods and rules of origin, he added.

“Today we open an ambitious new chapter for the growing economic relationship between ASEAN, Australia and New Zealand,” Albanese said.

New Zealand Prime Minister Jacinda Ardern said the improved deal would strengthen economic and trade ties with ASEAN by reducing red tape and business costs.

“We now trade more with ASEAN in a week than we did in a year in the early 1970s,” Ardern, who was also in Cambodia for the summit, said in a statement.

The improved agreement is expected to be signed and enter into force in 2023, according to the statement.

In addition to Australia and New Zealand, the signatories of the pact, concluded for the first time in 2009, are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. (Reporting by Sam McKeith in Sydney; Editing by William Mallard and Clarence Fernandez)

UPDATE 1-US Treasury finds no currency manipulation by major trading partners Thu, 10 Nov 2022 16:40:45 +0000

(Add quotes, details)

By Andrea Shalal

WASHINGTON, Nov 10 (Reuters) – The U.S. Treasury Department said on Thursday that no major U.S. trading partner had manipulated its exchange rates to gain an unfair competitive advantage until June 2022, but said it would remain in close contact with Switzerland on its monetary practices.

The bulk of the interventions seen were aimed at strengthening currencies, not weakening them, the Treasury said in a semi-annual report, while acknowledging that emerging and developing economies may need a range of approaches – including intervention – to respond to current global economic conditions.

A senior Treasury official told reporters that the dollar’s strength against other currencies could begin to wane as the Federal Reserve’s monetary tightening peaks and other central banks catch up.

“The global economy was already facing supply and demand imbalances caused by COVID-19 before Russia’s illegal war against Ukraine, which drove up the prices of food, fertilizers and energy, further increasing global inflation and increasing food insecurity,” Treasury Secretary Janet Yellen said. said in a statement, adding that country responses could affect currencies.

“The Treasury recognizes that a range of approaches by developing and emerging economies to headwinds in the global economy may be warranted in certain circumstances,” she added.

The report notes that Switzerland has once again exceeded US thresholds for possible currency manipulation under a 2015 US trade law, but refrained from calling it – or any other country – a currency manipulator. currencies.

The Treasury said it would continue an in-depth analysis of Switzerland’s macroeconomic and exchange rate policies, while establishing an enhanced bilateral engagement that began in early 2021 to discuss Swiss policy options to address external imbalances.

The Treasury said seven economies were on its “watch list” – China, Japan, Korea, Germany, Malaysia, Singapore and Taiwan.

Vietnam was removed from the list, he said, adding that he remained satisfied with the Asian country’s progress in addressing US concerns over its monetary practices. India, Italy, Mexico and Thailand were also removed from the list, the Treasury said.

The Treasury report again called out China for its failure to publish its foreign exchange interventions and the broader lack of transparency around key features of its exchange rate mechanism.

A senior Treasury official said efforts by the US Treasury and the International Monetary Fund have so far made no progress with Beijing on the issue.

The Treasury noted that Japan had intervened in the foreign exchange market to stem the pace of the yen’s depreciation, its first such measure since 1998, and underlined its belief that such actions should be taken only rarely.

“The firm expectation of the Treasury is that in large, freely traded foreign exchange markets, intervention should be reserved only in very exceptional circumstances with appropriate prior consultation,” he said. (Reporting by Andrea Shalal; Editing by Paul Simao)

Thailand and Cambodia sign agreement on road improvement project Tue, 08 Nov 2022 09:29:58 +0000
Thailand and Cambodia have signed a loan agreement to finance the improvement of a border road section from Siem Riep to Anlong Veng and Choam/Sa Ngam of National Highway No. 67 in Cambodia.

Thailand and Cambodia have signed a loan agreement to finance the improvement of a border road section from Siem Riep to Anlong Veng and Choam/Sa Ngam of National Highway No. 67 in Cambodia.

Perames Vudthitornetiraks, Chairman of the Neighboring Countries Economic Development Cooperation Agency (NEDA), signed the agreement with Vongsey Vissoth, Minister to the Prime Minister and Permanent Secretary of State, Ministry of Economy and Finance of Cambodia, at the Ministry of Economy and Finance in Phnom Penh on 4 November.

The road improvement project aimed to support cross-border trade as well as bilateral freight transport, investment and tourism.

National Road No. 67 facilitates transportation to Phnom Penh, Siem Reap and Banteay Meanchey through Highway 6. It also supports Cambodia’s road connection with Thailand and Vietnam along the Southern Economic Corridor (SEC) of the economic cooperation of the Greater Mekong Sub-region and NR5. section of Asian Highway 1 (AH1).

In accordance with the Cabinet resolution, NEDA extended a soft loan of 983 million baht to finance the NR 67 development project on the condition that the project utilize material supply and equipment from Thailand at least 50% of the loan amount. Additionally, contractors and construction supervision companies must be Thai nationals. Construction will take about two years. (TNA)

The road improvement project aimed to support cross-border trade as well as bilateral freight transport, investment and tourism.

In accordance with the Cabinet resolution, NEDA extended a soft loan of 983 million baht to finance the NR 67 development project on the condition that the project utilize material supply and equipment from Thailand at least 50% of the loan amount.

Thailand leads debt negotiation campaigns until January next year Sat, 05 Nov 2022 09:18:29 +0000
The Thai government has declared 2022 to be the year for household debt settlement, as the country’s household debt per GDP reaches 90.1%.

A series of debt trading fairs organized by the Bank of Thailand and the Ministry of Finance kicked off on Friday, with the first event being held at the IMPACT Muang Thong Thani exhibition center.

The Thai government has declared 2022 to be the year for household debt settlement, as the country’s household debt per GDP reaches 90.1%. The government previously offered debt negotiation events, with the previous campaign including 78 events commissioned by the Ministry of Justice. This campaign was able to help 72,331 debtors.

The Bank of Thailand and the Ministry of Finance are hosting the current campaign, which runs by January next year. The campaign offers consulting services to customers of credit cards, personal loans, auto loans, nano finance, and agriculture and business loans.

Services offered will focus on reducing the burden of existing debt through restructuring and negotiating repayment terms, promoting additional income through additional employment, and helping the general public gain knowledge of financial management. .

About 60 financial institutions now offer trading services at this event, as well as special loans that can help debtors maintain liquidity.

The first event in the series of debt talks takes place from Friday to November 6 at Hall 5, IMPACT Muang Thong Thani. (NNT)

The first event in the series of debt talks takes place from Friday to November 6 at Hall 5, IMPACT Muang Thong Thani.

Asian stocks receive meager entries in October amid recession fears Wed, 02 Nov 2022 11:34:55 +0000

By Gaurav Dogra

(Reuters) – Asian stocks posted meager inflows in October after selling off the previous month, and analysts expect fears of a global recession and a stronger U.S. dollar to weigh on flows short-term currencies in the region.

Data from stock exchanges in Taiwan, India, the Philippines, Vietnam, Thailand, Indonesia and South Korea showed foreigners bought shares with a net worth of $53 million. dollars last month. By September, they had sold shares with a net worth of $8.8 billion.

Last month, MSCI’s broadest index of Asia-Pacific stocks fell 1.97%, compared to a 6% gain for the MSCI World.

“Headwinds over Asia have intensified due to tightening US restrictions on Chinese companies sourcing US technology and lingering doubts over China’s economic recovery,” said research chief Manishi Raychaudhuri. on APAC shares at BNP Paribas.

South Korea received the highest contribution of $2.1 billion, while Indonesia and Thailand received $729 million and $196 million respectively. Taiwan stocks saw a whopping $2.9 billion outflow.

Chart: Monthly Foreign Investment Flows: Asian Equities –

The destocking in the information and communication technology sector is massive, hitting many Taiwanese companies in the semiconductor sector, said Alicia Garcia-Herrero, chief economist for Asia-Pacific at Natixis.

Vietnam, the Philippines and India also faced exits last month.

“Flows to Asia, particularly North Asia, remain challenging amid fears of a DM (developed market) recession and a strengthening dollar,” BNP’s Raychaudhuri said.

“Both engines should hold together in the short term.”

(Reporting by Gaurav Dogra and Patturaja Murugaboopathy in Bengaluru; Editing by Subhranshu Sahu)

Won Bears bet even the most hawkish BOK will fail to match the Fed Sun, 30 Oct 2022 22:02:33 +0000

(Bloomberg) – Forex traders are betting there’s more downside ahead for the beleaguered won as policymakers’ efforts to stem its decline are overtaken by the Federal Reserve’s most aggressive tightening campaign since the 1980s .

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The won has fallen more than 16% to 1,421.60 to the dollar this year and forecasters including Bank of America Corp. predict it could weaken to 1,500 by the end of the year. , with traders focusing on the widening yield gap with the US. Swap markets expect the Bank of Korea to raise its key rate to 3.5% in the next six months, a 14-year high, while economists expect a peak of around 5% for the Fed’s benchmark in early 2023.

“Asian currencies will be under pressure leading to further rate hikes, but they still aren’t doing enough,” said Trinh Nguyen, senior economist at Natixis SA in Hong Kong. “Asian central banks have lagged as they have relied on fiscal policy to heavily fight inflation through subsidies and tariff removal, but with the energy crisis prolonging, fiscal space has narrowed. is considerably shrunk.”

Nomura Holdings Inc., Mizuho Financial Group Inc. and ING Financial Markets, which along with Bank of America are the most bearish, also expect the currency to weaken to 1,500 from a median forecast of 1,450. per dollar in a Bloomberg survey. Bank of America strategists including Claudio Piron and Adarsh ​​Sinha said earnings weakness will persist until the Fed halts its hike and China’s economy recovers.

A slowdown in Korean exports and dwindling foreign exchange reserves add to bearish sentiment for the won. More recently, a rare default on commercial paper by developer Legoland Korea has sparked fresh concerns about the health of the country’s credit market. Warnings about possible intervention by policymakers failed to stem the decline of the won.

South Korea pledges $35 billion to support credit markets

“The main drivers of the won have been external so far, but domestic factors such as deficits and credit risks are starting to surface,” said Park Sang-hyun, an economist at HI Investment & Securities in Seoul. Park expects the won to fall to 1,450 this year as the risk of an economic slowdown in China persists.

Even if the domestic situation improves, analysts said the won’s outlook will be largely determined by the actions of the Fed, which economists said will rise 75 basis points for the fourth straight time at its meeting earlier. late this week.

“I expect the Fed to deliver a fifth 75 basis point hike in December after a fourth next month,” said Qi Gao, currency strategist at Scotiabank in Singapore, adding that in this scenario, the Indonesian rupiah, Thai baht and Korean won could underperform.

Here are the main Asian economic data expected this week:

  • Monday October 31: Australia Retail Sales, Japan Industrial Production, Japan Retail Sales, South Korea Industrial Production, China Manufacturing PMI, Thailand Current Account Balance, Thailand Trade Data, Hong Kong GDP

  • Tuesday September 1: RBA Cash Rate Target, New Zealand Building Permits, South Korea Trade Data, China Caixin Manufacturing PMI, Indonesia CPI, Taiwan S&P Manufacturing PMI, Hong Kong Retail Sales

  • Wednesday September 2: construction permits in Australia, unemployment rate in New Zealand, PMI in Singapore, CPI in South Korea

  • Thursday, September 3: Australian trade data, South Korea’s foreign exchange reserves, Malaysia’s overnight policy rate, Hong Kong’s S&P manufacturing PMI

  • Friday, September 4: RBA Statement on Monetary Policy, Singapore Retail Sales, China Current Account Balance, Thailand CPI, Philippines CPI, Philippines Trade Data, Reserves Taiwan currency exchange

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