NY Mellon Says Greek Exit May Weaken Asia Currencies

Date : 06/13/2012 @ 11:50PM
Source : Dow Jones News
Stock : Bank of New York Mellon Corp. (The) (BK)
Quote : 53.36  -0.55 (-1.02%) @ 4:34PM

NY Mellon Says Greek Exit May Weaken Asia Currencies

Bank OF N Y (NYSE:BK)
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BEIJING--Asian countries should be on guard against currency depreciation in the event of a Greek exit from the euro, Samarjit Shankar, managing director of Foreign Exchange Research at Bank of New York Mellon Corp. (BK) siad Thursday.

Speaking to reporters in Beijing, Mr. Shankar predicted that there will be no quick resolution to the euro-zone debt crisis, no matter who prevails in Greece's elections this weekend.

China's yuan is likely to remain relatively steady against the dollar for the remainder of the year as the government attempts to support growth. The yuan is likely to trade in a range between 6.2 and 6.4 to the dollar for the remainder of the year, he said.

Meanwhile, the U.S. dollar is likely to remain relatively strong, as its safe-haven status will ensure steady capital inflows, and another round of quantitative easing by the Federal Reserve is unlikely given exceptionally low yields on U.S. Treasurys, he said.

Write to Grace Zhu at grace.zhu@dowjones.com

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