China's rate cut weighs on most Asian units

Singapore

MOST emerging Asian currencies slid on Monday as China's interest rate cut bolstered worries about global growth and policy divergence between the US and other countries.

The Chinese yuan eased after the People's Bank of China (PBOC) late on Friday cut its benchmark interest rate and the amount of cash that banks must hold as reserves to shore up the world's second-largest economy. South Korea's won fell as offshore funds sold the best-performing emerging Asian currency of the last week. The Malaysian ringgit eased as low oil prices underscored concerns over the country's gas and oil revenue. The Philippine peso hit a near four-week low after foreign investors continued to sell local stocks.