Asian currencies reach multi-year lows

Ringgit and rupiah worst hit

rollercoaster

China's biggest stock market drop since 2007 has pushed Asian currencies down to their lowest levels in years, prompting strategists to describe the movements as the most significant since the ‘taper tantrum' of 2013.

The Singapore dollar and Philippine peso fell to their lowest levels in five years on Monday, as an 8.5% drop in the benchmark Shanghai Composite Index prompted a wider regional sell-off, with the Thai baht and Taiwan dollar reaching six-year lows.

The Indonesian rupiah and the

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