Hong Kong’s de facto central bank stepped in for the first time since 2009 to prevent the city’s currency from rising against the U.S. dollar after it touched the upper limit of a range that triggers an intervention.
Asian stocks fell, dragging down the MSCI Asia Pacific Index by the most in almost two weeks on speculation a possible Federal Reserve asset-purchase program that may be announced next week will disappoint investors.
Asian stocks rose, taking the MSCI Asia Pacific excluding Japan Index to its longest winning streak since July, ahead of a report this week that may show the labor market improving in the world’s biggest economy.
China’s benchmark money-market rate was poised for the biggest weekly gain since October 2007 before an increase to banks’ reserve requirements takes effect and on speculation policy makers will raise interest rates.
Asian shares slumped the most in almost two weeks and U.S. stock index futures fell as commodity prices dropped and the dollar strengthened. Australia’s currency weakened after the nation’s inflation rate rose less than economists estimated.
Asian stocks fell for a second week, paring the benchmark index’s second consecutive monthly gain, on concern earnings growth will slow and possible asset purchases by the Federal Reserve may disappoint investors.