Asia’s Markets Start to Crack Under Pressure of Stronger Dollar
- Malaysian ringgit slides to weakest level since 1998 crisis
- Indonesia surprises with interest rate hike to support rupiah
An currency exchanging in Manila.
Photographer: Ted Ajibe/AFPGetty Images
This article is for subscribers only.
Asia’s financial markets are almost at breaking point.
Currencies are crumbling, forcing central banks to lend them support. Stocks are sliding, credit risk is rising and borrowing costs are spiraling higher across the region.