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* China shares snap 4-day losing streak
* S.Korean won adds 0.7%, yuan up 0.4%
* Taiwan stocks close 1.6% higher ahead of GDP data
By Harish Sridharan
July 29 (Reuters) - Most emerging Asian currencies firmed on
Thursday as the dollar lost ground following dovish signals from
U.S. Federal Reserve Chair Jerome Powell, while Chinese stocks
and the yuan rose after Beijing calmed investor nerves over
mounting regulatory risks.
The greenback slipped to multi-week lows after Powell
in a news conference said the U.S. job market still had "some
ground to cover" before it would be time to pull back emergency
economic support measures.
The yuan was up 0.4%, while the South Korean won
added 0.7% and led gains among currencies in the
region.
China"s securities regulator held a virtual meeting on
Wednesday night with executives of top global investment banks,
seeking to calm market jitters after a massive sell-off in
Chinese shares this week, sources told Reuters.
"Measured and tentative relief on China"s regulatory
crackdown may be boosting EM Asia FX thanks to the yuan (CNH)
bounce, and thereby exaggerating gains against USD," analysts at
Mizuho said in a note.
"This relief is not to be mistaken for post-FOMC "risk on"
or a fundamental change in the pre-taper USD trend."
The Chinese government will also allow local companies to go
public in the United States as long as they meet listing
requirements, CNBC reported here,
citing sources.
Equities in China closed 1.5% higher, rebounding
from a sharp sell-off over the past few days.
Stocks in Singapore added 0.9%, while Indonesia
and India were up 0.6% and 0.5%, respectively.
Equities in Taiwan closed 1.6% higher, recording
their biggest jump since May 28 ahead of the country"s
second-quarter economic data expected on Friday.
Taiwan"s economy is expected to have expanded at a slower
pace in the second quarter as a rare spike in COVID-19 cases
hurt consumption, a Reuters poll showed.
The ringgit, Thai baht and Taiwan dollar
traded 0.2% higher.
HIGHLIGHTS:
** Indonesian 10-year benchmark yields up 1 basis points at
6.319%
** Taiwan shares post biggest jump since May 28
** China shares up 1.5%, biggest jump since May 25
Asia stock indexes and
currencies at 0720 GMT
COUNTRY FX RIC FX FX INDE STOCKS STOCK
DAILY YTD % X DAILY S YTD
% % %
Japan +0.07 -5.99 <.N2 0.73 1.23
25>
China
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