HONG KONG -- The intensifying trade war between the U.S. and China is causing Asian currencies to fall as concern about the effect on the Chinese economy drives risk-averse investors out of the region.
The South Korean won and the New Taiwan dollar both reached 28-month lows on Friday. The won softened as far as 1,196 against the dollar at one point, down well over 2% from the end of April, while the Taiwanese currency touched 31.4 to the greenback. The Philippine peso and the Indonesian rupiah also have each weakened more than 1% so far this month.
