Prime Benchmark Research

Savills Research & Consultancy aims to offer objective advice to clients in order to help them make well-informed real estate related decisions and realise pre-defined goals.

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Prime Benchmark, July 2016

03 August 2016

The global economy continued to make a slow recovery during 1H/2016 while external demand remained challenging. Maintaining adequate liquidity and a relaxed credit environment were the main themes in many Asian countries. However, political events such as the Brexit vote and the US Presidential election are adding some uncertainty to global economic growth and The Fed is likely to be more wary of hiking rates in the near term. Except for China, which saw a depreciation trend, most Asian currencies appreciated against the US Dollar by between 0.1% and 14.7% over the first half of 2016.

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Prime Benchmark, January 2016

22 February 2016

With an uncertain economic outlook and a deteriorating external sector, most of the Asian central banks have maintained low policy rates and weak currencies to boost their real economies and exports. The market impact of the one-off RMB devaluation announced by the PBOC in August 2015 and the Fed’s decision to raise rates at the end of 2015 have induced a new round of currency depreciation in the region. Except for Japan, which saw a slight currency appreciation, almost all Asian currencies depreciated against the US Dollar by between 1.0% and 13.4% over the second half of 2015.

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Prime Benchmark, July 2015

31 July 2015

With a less positive economic outlook and lower interest rates in the region, most Asian currencies have depreciated against the US Dollar by between 1.3% and 8.3% over the first half of 2015. However, China and Taiwan have seen a slight currency appreciation against the Greenback, recording a 0.1% and 2% rise over the same period respectively.

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Prime Benchmark, January 2015

30 January 2015

With a strengthening economic outlook and expectations of rising interest rates, the US Dollar appreciated against most Asian currencies by between 1% and 18% during the second half of 2014. This is reflected in the rental values of commercial buildings in Asia which have become relatively less costly in US dollar terms. However, a mild currency appreciation has been experienced in China, recording a 0.5% rise against the US dollar, compared with the first half of 2014.

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Prime Benchmark, July 2014

08 August 2014

With a generally stable economic outlook, Asian currencies have appreciated mildly between 1% and 4% during the first half of 2014. However, currency devaluation has been experienced in China and Vietnam, recording a 0.9% and 1.0% local depreciation against the US dollar respectively, compared with the end of 2013. The Japanese government increased the consumption tax rate from 5% to 8% in April 2014, which is reflected in office and retail occupancy costs in Tokyo and Osaka.


Key contacts

Simon Smith

Simon Smith

Senior Director
Research & Consultancy

Two Exchange Square

+852 2842 4573


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