Asian central banks opt for different strategies in wake of China devaluation
Philippines and Korea hold fire on interest rates while Taiwan looks for ingenious solutions
Central banks in Asia are reacting in different ways to China's devaluation of the renminbi earlier this week, with several opting to hold fire on interest rates as currencies weaken and at least one reportedly coming up with ways to ease monetary conditions without resorting to a cut.
The Central Bank of the Philippines decided to maintain interest rates at their current levels on Thursday (August 13), despite seeing the peso plunge to a five-year low in the wake of China's decision to make the
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