Yen, China Yuan, Singapore Dollar, Peso: Asia Currency Preview

By Sam Nagarajan

Sept. 16 (Bloomberg) -- The following events and economic reports may influence trading in Asian currencies today.

Exchange rates are from the previous session.

Japanese yen: The Cabinet Office will release its consumer confidence index for August at 2 p.m. in Tokyo. The sentiment index fell to 31.6 in July from 32.9 in June.

The Bank of Japan begins a two-day policy meeting in Tokyo. The central bank is likely to keep its benchmark interest rate unchanged at 0.5 percent, according to all 33 economists surveyed by Bloomberg News.

Finance Minister Bunmei Ibuki, Economic and Fiscal Policy Minister Kaoru Yosano and Chief Cabinet Secretary Nobutaka Machimura will hold briefings after a cabinet meeting this morning in Tokyo. Machimura will hold a second briefing at 4 p.m.

The yen was at 104.35 a dollar at 8:10 a.m. in Sydney.

China's yuan: The central bank cut interest rates yesterday for the first time in six years and reduced the amount of cash that some banks are required to set aside. It cut the one-year lending rate to 7.20 percent from 7.47 percent, effective today. Local financial markets were closed yesterday for a holiday.

The yuan was at 6.8450 on Sept. 12.

Philippine peso: The government will report July unemployment data today. Money sent back to the Philippines from overseas workers increased 25 percent in July to $1.37 billion, versus a 30 percent gain in June, the central bank said yesterday.

The peso was at 47.095.

Singapore dollar: Retail sales rose 11.8 percent in July from a year earlier, the most in 13 months, the Statistics Department said in a statement yesterday. They fell 3.2 percent in June.

The local dollar was at S$1.4344.

To contact the reporter on this story: Sam Nagarajan in New Delhi at samnagarajan@bloomberg.net