Thursday, May 15

Money

Asian equities had a strong session, led by Hong Kong, Indonesia, Vietnam, Taiwan, and South Korea. There was considerable market chatter about the strength of the Chinese yuan (CNY) versus the US dollar, possibly driven by the People’s Bank of China (PBOC), which runs counter to the prevailing narrative.

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Asian equities were largely higher as Mainland China, Hong Kong, Australia, and India outperformed while Japan underperformed. Malaysia was closed for Nuzul Al-Quran, which is a day dedicated to reading and reflecting on the Quran, while the Philippines was closed for Maundy Thursday, also known as Holy Thursday, commemorating the Last Supper derived from the Latin word mandatum, meaning commandment/mandate.

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