Goldman Sachs has identified Asian currencies most exposed to the artificial intelligence supply chain, notably the South Korean won, Taiwan dollar and Malaysian ringgit, which are outperforming peers more sensitive to rising energy costs such as the Thai baht, Philippine peso and Indonesian rupiah. South Korea’s current account surplus is expected to nearly double to nearly $300 billion this year, representing 13.9% of GDP, driven by AI-boosted semiconductor exports. Taiwan also shows strong fundamentals with a current account surplus estimated at 25% of GDP and exports up 40% to 70%. Only the Chinese yuan has appreciated against the dollar this year among Asian currencies, with Goldman Sachs maintaining its 12-month USD/CNY target at 6.50.
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