The dollar fell versus the yen Thursday in Asia as it tumbled against most regional currencies after Singapore's central bank reset its currency's trading band to a higher level, according to AP. The dollar traded at 100.92 yen at midafternoon in Tokyo, down from 102.04 yen late Wednesday in New York. The euro rose to US$1.5846 from US$1.5828. «The dollar was already weakening overnight and the additional news on Singapore's currency accelerated the decline,» said Akio Shimizu, head of foreign exchange trading at Mitsubishi UFJ Trust and Banking. The Monetary Authority of Singapore said it would re-center its undisclosed trade-weighted policy band for the city-state's currency. The move is designed to help combat inflation in the island state. Analysts believe the range allows the currency to fluctuate 2-3 percent. The U.S. currency fell after the announcement more than 1 percent to 1.3601 Singapore dollars _ an all-time low against the Singaporean unit. Also on Thursday, China's currency nudged past 7 yuan to the U.S. dollar. The official Xinhua News Agency reported earlier that the yuan was trading at 6.9920 to US$1 _ the first time it has ventured below the 7 yuan mark since the government loosened the unit's peg to the dollar in 2005. The yuan has gained about 18 percent in value since then.
