(Corrects 3rd paragraph in Aug 19 report to say Fitch
Solutions, not Fitch Ratings)
* Fitch Solutions raises Malaysia's 2019 growth forecast
* Ringgit and Rupiah gain most
* Other regional units subdued as growth fears persist
By Rashmi Ashok
Aug 19 (Reuters) - Most Asian currencies held steady on
Monday as global recession fears were soothed by stimulus hopes,
while the Malaysian ringgit extended gains after ratings agency
Fitch raised the country's growth forecast on the back of strong
economic data.
The ringgit MYR= advanced 0.2%, while the Indonesian
rupiah IDR=ID built on gains from Friday to be up 0.3%.
Earlier on Monday, Fitch Solutions revised Malaysia's 2019
growth forecast to 4.6%, up from 4.2%, after the country
reported stronger-than-expected growth over the first half.
The sturdier growth in Malaysia contrasted with many of its
peers in the region, which have slowed this year as the
U.S.-China trade war hurt demand for exports.
The Indonesian rupiah was the top performer, extending
Friday's gains after Indonesia's budget on Friday set a slightly
optimistic target on growth. The 2020 gross domestic product (GDP) growth target of 5.3%
was the same as the current year, although officials have often
said 2019 growth would come in slightly lower.
Broader sentiment remained subdued even though signs of more
steps from China to support businesses appeared to calm
investors unnerved by nagging recession fears. Other major
economies, including Germany and the eurozone, have also flagged
more stimulus to boost growth.
The Chinese yuan CNY=CFXS traded slightly lower, while the
Korean won KRW=KFTC also ticked down.
China's central bank unveiled a key interest rate reform on
Saturday to help steer borrowing costs lower for companies and
support an economy gripped by bruising trade war with the United
States. The move would be helpful, said Sim Moh Siong, FX strategist
at Bank of Singapore. However, "the message so far is that while
they do have the capacity to provide more stimulus to the
economy, they are not planning to go about it in a big way," he
said.
The following table shows rates for Asian currencies against
the dollar at 0546 GMT.
CURRENCIES VS U.S. DOLLAR
Change on the day at 0546 GMT
Currency Latest bid Previous day Pct Move
Japan yen 106.380 106.36 -0.02
Sing dlr 1.385 1.3842 -0.03
Taiwan dlr 31.349 31.366 +0.05
Korean won 1211.500 1210.8 -0.06
Baht 30.860 30.86 +0.00
Peso 52.290 52.3 +0.02
Rupiah 14195.000 14230 +0.25
Rupee 71.228 71.15 -0.11
Ringgit 4.166 4.176 +0.24
Yuan 7.047 7.0420 -0.07
Change so far in 2019
Currency Latest bid End 2018 Pct Move
Japan yen 106.380 109.56 +2.99
Sing dlr 1.385 1.3627 -1.58
Taiwan dlr 31.349 30.733 -1.96
Korean won 1211.500 1115.70 -7.91
Baht 30.860 32.55 +5.48
Peso 52.290 52.47 +0.34
Rupiah 14195.000 14375 +1.27
Rupee 71.228 69.77 -2.05
Ringgit 4.166 4.1300 -0.86
Yuan 7.047 6.8730 -2.47