Economics
Intervention Cease-Fire Making Victors of Asia Bulls: Currencies
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South Korea and Taiwan have declared a cease-fire in Asia’s currency wars.
The Korean won and Taiwanese dollar posted the biggest gains among 11 Asian currencies tracked by Bloomberg this month through April 18 on speculation their central banks have stepped back from intervening to weaken the exchange rates. The won touched a 5 1/2-year high of 1,031.55 per U.S. dollar on April 10, which allowed Taiwanese policy makers to let their currency reach a three-month high of NT$29.91 the same day.