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03/09/2008 | | | | | |

| | | | | |

| High | Low | Close | 03-Sep | %Change |

USD/SGD | 1.4402 | 1.4314 | 1.4384 | STI | -1.57 |

USD/THB | 34.46 | 34.41 | 34.46 | SETI | -1.38 |

USD/KRW | 1159 | 1131.5 | 1147.9 | KOSPI | 1.4 |

USD/CNY | 6.8595 | 6.843 | 6.8434 | SSE.A | -1.23 |

USD/MYR | 3.442 | 3.425 | 3.44 | KLCI | -0.15 |

USD/IDR | 9218 | 9203 | 9212 | JKSE | -1.99 |

USD/PHP | 46.73 | 46.47 | 46.55 | PSI | 1.54 |

USD/TWD | 31.876 | 31.75 | 31.835 | TWII | -1.71 |

USD/HKD | 7.8095 | 7.8075 | 7.8076 | .HSI | -2.17 |

USD/INR | | closed | | BSESN | closed |

3 September 2008

Asia Closing Highlights

- Thailand: Deputy PM and Finance Minister Surapong Suebwonglee said the current situation could not be solved by the government alone because the PAD has violated the democratic regime, adding that it is up to the Thai people as well.

- Taiwan: President Ma said that the island hope to achieve economic growth of 6% in 2016, scaling back its ambitions plans of hitting that target within the next few years.

- Hong Kong: HKMA's chief, Joseph Yam, in a television interview said that the slump in China's stock market is a normal correction and government action to shore up equities is not warranted. He added that China's stock market was dragged by weak global equity markets as well as factors in the domestic sector but its decline was not unreasonable.

- Philippines: The govt announced that it was trying to raise some $1 bln from the sale of its stake in 40% stake in PNOC-EDC (some $344-387 mln) and Petron ($550 mln).

- Singapore: Singapore's CapitaLand sold a property in China for $352 mln.

- Thailand: No electricity cut-off as earlier feared after the Electricity Generating Authority of Thailand (EGAT) and the Metropolitan Electricity Authority (MEA) reported that electricity distribution on Wednesday morning was operating normally. While it was noted that 100 EGAT employees were on sick leave, the general operation was unaffected .

- South Korea: IMF assured that S Korean FX reserves at more than $240 bln are adequate to cope with external pressures, and that the recent market turmoil is really no reason to panic; added tha the economy was more vibrant and resilient than it was 10 years ago (during the Asian Financial Crisis). IMF however said that the current market conditions warranted vigilance.

- Hong Kong: The value of home transactions in Hong Kong fell 60% to the lowest in more than two years in August, signalling the city's property market may be poised for its biggest decline since 2003. The total value of residential transactions printed at HK$15bln from HK$37.8bln a year ago, making the figure the lowest since July 2006.

- China: Liu Mingkang, chief of Chins Banking Regulatory Commission (CBRC) said that there was an urgent need to study CNY revaluation policy to significantly controls the direction and tempo of currency rate movements.

The dollar continued its climb, while the euro remained weighed on East Europe, Russia, UK clearers fund selling and a day of active Asian central bank intervention with talks of big EUR/USD sales by these banks. Cable also pressured downwards on series of weak Eurozone PMIs, retail sales and GDP ahead. Aussie and Kiwi last seen a tad supported though generally weighed by weaker commodities.

USD/JPY, Cross/JPY generally weighed as Japanese margin trades, investors cut losses and liquidate long. Big moves in GBP/JPY earlier with large US investment houses again and big German name selling Cross/JPY, pushing GBP/JPY down. EUR/JPY continued to fall on the back of Eurozone PMIs/data.

The combination of a bullish dollar climate and general mood of risk aversion, coupled with regional negatives - such as political uncertainty in Thailand - supported the

USD/Asians in late Asia trades. Most Asian central banks were seen intervening to stall upward tendencies.

Oil prices continued to fall on fears of an economic slowdown. Crude oil last traded at $107.90/bbl.

Weighed by the plunge in oil, gold fell below the $800 levels. Spot gold last traded at $793.00-4.20/oz.

NORTH ASIA

USD/KRW: Bias remained to the upside all the way; BoK intervention in closing minutes created some room for a sub-1150 close though underlying bullishness remained stubbornly intact.

USD/CNY: Stronger regional pairings saw prices being lifted to highs of 6.8595 especially on the renewed policy shift concerns; however prices moderated as policy-makers are not seen striving for a weaker CNY per se.

USD/HKD: The upward trek in the pairing waned after hitting highs of 7.8095. Meanwhile, the Hang Seng closed the session plunging 2.17%, led by the decline in commodity-linked stocks.

USD/TWD: The central bank actively intervened in the market to support the local TWD, capping gains in the pairing as it consolidated within the 31.750-31.875 range.

SOUTH ASIA

USD/SGD: The pairing was supported above 1.4350 though unable to break to 1.44 hurdle. Suspected MAS intervention helped temper upward momentum.

USD/MYR: Prices retreated to sub 3.44 levels after being overbought in the earlier part of the session. Domestic woes are seen supporting the pairing as well. Trade data for July is expected tomorrow at 0401 GMT.

USD/IDR: The pairing consolidated around the 9200-figure with BI seen guarding upside at 9210. The central bank will announce its latest policy rate tomorrow, widely expected to be a 25 bps hike to 9.25%.

USD/PHP: Reversed out the intraday weakness to surge to 46.73 finish as the greenback continued to extend rall ies.

USD/THB: Consolidation for most of the day despite dollar strength and good demand from politics as BoT aggressively checking strength today. Pairing climbing at end as uptrend still intact.

USD/INR: Markets closed for local holiday; to resume trades tomorrow.

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