Ringgit strengthens after China’s conciliatory message

Ringgit strengthens after China’s conciliatory message


KUALA LUMPUR,. The ringgit opened higher against the US dollar today in line with most emerging Asian currencies and after China’s President Xi Jinping pledged to reduce import tariffs and open the country’s market further, dealers said.

At 9 am, the ringgit was quoted at 3.8650/8680 compared with Tuesday’s 3.8670/8700.

A dealer said Xi’s words helped ease fears of a US-China trade war and revive appetite for riskier assets.

“The reduction in trade tensions is good for global trade, growth and risk sentiment, while helping emerging market currencies do well,” he added.

The local unit, however, traded mostly lower against a basket of major currencies. It fell against the Singapore dollar to 2.9513/9554 from 2.9492/9535 on Tuesday, but appreciated against the yen to 3.6088/6119 from 3.6130/6168.

The ringgit eased against the pound to 5.4810/4864 from 5.4784/4846 and was lower against the euro at 4.7775/7824 from 4.7641/7694.

– Bernama