KUALA LUMPUR — Asian currencies gained this week, led by the baht’s advance to an eight-month high, as improving economic data in the region spurred capital inflows.
Manufacturing in China, the world’s second-biggest economy, expanded in July by the most since January 2013 and Taiwan’s export orders in June had the biggest increase in 17 months, reports indicated this week. Global funds bought $2 billion more of Thailand’s bonds than they sold in the last four days, set for the largest net weekly purchases since September. The nation’s stocks also drew funds, as did equities in India, Indonesia, South Korea and Taiwan, exchange figures show.
“We’re starting to see slightly better data out of Asia,” said Callum Henderson, Singapore-based global head of foreign- exchange research at Standard Chartered Plc. “Expectations for a China macroeconomic stabilisation have increased on the back of second-quarter GDP and flash PMI data.”
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