Asian Officials Strike Back as Currency Rally Hurts Exports (1)

Emerging Asian currencies are in rally mode, and this is putting policy makers on the edge.

A months-long rise in regional currencies is showing few signs of easing, with some exchange rates near key levels that are prompting the authorities to step in. The Thai baht and South Korea’s won have been among the biggest gainers in November, drawing protests from officials.

A weaker dollar and positive Covid-19 vaccine news have been a boon for emerging Asian currencies, as a revival in risk appetite fuels demand for yield. But a stronger currency is a doubled-edged sword for Asia’s economies, which...