Taipei, Jan. 4 (CNA) The trend toward currency depreciation among competing Asia-Pacific economies grew more intense on Monday, with the Taiwan dollar's half-percent fall against the U.S. dollar among the more modest declines compared with regional rivals. The Taiwan dollar fell 0.51 percent against the greenback to close at NT$33.236 against the U.S. dollar in Taipei on Monday, the lowest in three months. But that paled against the South Korean won's 1.28 percent fall and the Australian dollar's 1.27 percent fall against the U.S. dollar, dealers said. The Taiwan dollar depreciated 4.08 percent against the greenback in 2015, the dealers said, and they expected the depreciation to continue this year due to global economic uncertainty and last month's interest rate hike in the U.S., which has drawn funds back to the U.S. to hedge risks. The liquidity flow has affected the securities and foreign exchange markets in Asia and emerging markets, dealers said. In China, the renminbi dropped to 6.5 Chinese yuan against the greenback Monday, the lowest level in over four and half years, "extending last year's currency war in Asia," one analyst said. Aside from big falls in the South Korean and Australian currencies, the Indonesian rupiah fell 0.83 percent against the greenback and the Singapore dollar lost 0.68 percent.

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