China’s yuan rose sharply on Tuesday, gaining a quarter of a percentage point from its previous close to reach 6.8623 to the US dollar during morning trading, writes Steve Wang. That was the biggest gain in a month, reflecting efforts by China’s central bank to break a bearish grip on the currency since the US presidential election.
South Korean corporate chiefs told a parliamentary panel on Tuesday that they were not seeking favors when they made contributions to two foundations at the heart of a scandal that appears poised to bring down President Park Geun-hye. “It’s a South Korean reality that if there is a government request, it is difficult for companies to decline,” said Huh Chang-soo, who heads the energy-to-retail GS Group.
Tributes poured in from around India and the government of the state of Tamil Nadu announced a seven-day mourning period following the death of one of India’s most popular politicians, Jayalalithaa Jayaraman. The chief minister of Tamil Nadu, also a former movie star, died in hospital in Chennai late on Monday night.
Hong Kong can help turn China from a “world creditor” into a “world shareholder,” according to Charles Li Xiaojia. As we report in our round-up of market-moving stories from the Chinese language media, the chief executive of the Hong Kong stock exchange’s comments were quoted by Sina Finance after the launch of the Shenzhen-Hong Kong Stock Connect on Monday.