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..
Hmmm, thta's not very good news...... *sigh* Easy come, easy go...
ReplyDeletei am more into RM appreciating against the british pounds. the dollar aint gonna stand the test of time though i think the US will go to war again just to strengthen it's oil reserve.
ReplyDeleteLB, I know, especially when we have US stocks bought when the rate was 3.8 to the USD! *Frowning*
ReplyDeleteZewt, even the Euro is not bad. Oh no! Not another war!