Fed rate decision lifts Asia markets, emerging currencies

HONG KONG: The US central bank’s decision to hold off hiking interest rates sent emerging market currencies and most Asian markets advancing Friday, as concerns eased over an outflow of cash as the global economy suffers a painful slowdown.

After one of the most eagerly awaited meetings in years, the US central bank’s head Janet Yellen said the ongoing crisis in China and recent turmoil on world markets had played a role in keeping borrowing costs at zero.