Asian Currencies Dip as China's Rate Cut Fails to Boost

Most Asian currencies have crept lower due to concerns over a slowing Chinese economic recovery and higher U.S. interest rates. The People’s Bank of China cut its benchmark five-year loan prime rate by 25 basis points, leading to modest losses in the yuan. The Japanese yen was among the worst-hit currencies due to fears of higher U.S. rates, with the prospect of a slow exit from the Bank of Japan’s ultradovish monetary stance adding pressure.