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China for the first time flew the home-grown C919 narrowbody passenger jet in an international aviation event on Tuesday, securing more orders for it and the ARJ21 regional jet on the opening day of the Singapore Airshow.
Anticipation of US interest rate cuts in September drove China’s yuan to a seven-month high against the US dollar on Monday, and also boosted the Japanese yen, with some analysts expecting the outlook for the Chinese currency would still largely depend on the strength of the US dollar.
Prolonged high interest rates in the United States could introduce uncertainty to the monetary policy outlook of emerging economies, the world’s “bank for central banks” said, pointing to rising pressures on Asian currencies and capital outflows.
Japan’s decision to raise the cost of borrowing for the first time in 17 years this week is seen to offer yen assets a boost, but the impact of higher rates on China’s currency and cross-border capital flows might be marginal, according to analysts.
Southeast Asia’s fast-growing aviation market looks to become a battleground for the maker of China’s home-grown C919 passenger jet – contending alongside the duopoly of Airbus and Boeing – as Chinese manufacturers bid to move up the global supply chain amid US restrictions.