Tuesday, May 22, 2007
Ringgit sets new record
According to The Star, the ringgit yesterday hit a new nine-year high against the greenback on speculation that Asian currencies will benefit from China's decision to widen the yuan's trading band.
The People's Bank of China has allowed the yuan to move as much as 0.5% either side of a daily fixing against the US dollar from yesterday, compared with a previous limit of 0.3%.
The local currency closed at 3.392 at 5pm yesterday from a daily high of 3.4015. It has risen 4% year-to-date, the third-best performer in South-East Asia, after the peso (5.7%) and baht (7.2%). More..