Malaysia holds its forces on hold, and the ringgit rises steadily
As expected, the State Bank of Malaysia remained on hold and maintained an overnight policy interest rate (OPR) of 3%. The ringgit is also on a steady footing today, and the exchange rate against the US dollar is rising steadily.
As of 4 p.m., the exchange rate of RM4.7393 against the US dollar was RM4.7393, which was slightly stronger than RM4.7415 when the market closed yesterday.
Bank of Australia and New Zealand economist Shan Gematu told Bloomberg that the Bank of China's decision to keep interest rates unchanged was in line with market expectations, but the Bank of China's comments on growth prospects in the statement were clearly more optimistic.
“The rebound in global trade and the implementation of more approved investment projects have made the Bank of China clearly more optimistic about growth prospects.”
Vincent Pan (transliteration), head of fixed income research at Bank of Singapore Securities, pointed out to Bloomberg that considering Malaysia's stable economic growth and moderate inflation, there is currently no reason for the Bank of China to adjust interest rates.
“Malaysia also has measures other than monetary policy to support the ringgit.”
Bloomberg also said that the Bank of China is keeping “ammunition” on hold this time to deal with the risk of inflation that will emerge in the future.
According to Bloomberg, the Bank of China predicts that OPR will remain unchanged until 2025.
As of 4 p.m., the exchange rate of RM4.7393 against the US dollar was RM4.7393, which was slightly stronger than RM4.7415 when the market closed yesterday.
Bank of Australia and New Zealand economist Shan Gematu told Bloomberg that the Bank of China's decision to keep interest rates unchanged was in line with market expectations, but the Bank of China's comments on growth prospects in the statement were clearly more optimistic.
“The rebound in global trade and the implementation of more approved investment projects have made the Bank of China clearly more optimistic about growth prospects.”
Vincent Pan (transliteration), head of fixed income research at Bank of Singapore Securities, pointed out to Bloomberg that considering Malaysia's stable economic growth and moderate inflation, there is currently no reason for the Bank of China to adjust interest rates.
“Malaysia also has measures other than monetary policy to support the ringgit.”
Bloomberg also said that the Bank of China is keeping “ammunition” on hold this time to deal with the risk of inflation that will emerge in the future.
According to Bloomberg, the Bank of China predicts that OPR will remain unchanged until 2025.
From YouTube
The composite index held the 1,600 point level
In terms of the stock market, today's Chinese and Hong Kong stock markets are showing strong performance. $Hang Seng Index(800000.HK$The Hong Kong Hang Seng Index surged 1.22% to close; $Shenzhen Component Index(399001.SZ$The Shenzhen Index surged 1.34% to close; however, other Asian stock markets were still in the middle of the market.
The overall market for Malaysian stocks also continued to the end. The trading day ended with a fall, however $FTSE Bursa Malaysia KLCI Index(.KLSE.MY$The composite index was able to hold the 1,600 key level.
Source: Nanyang Siang Pao
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