Asian central banks opt for different strategies in wake of China devaluation

Taipei in Taiwan
Taiwan: reportedly using supplementary tools to bring down market rates

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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