Friday, April 09, 2010

Chinese boost for Ringgit

With updates:
Ringgit matawang terkuat di Asia tahun ini!
A Singapore journo-blogger's point of view: Malaysians are too cynical of their own and of themselves..


Original posting:-

April 7 (Bloomberg) -- China is considering allowing the yuan to trade against the Russian ruble, South Korean won and Malaysian ringgit to promote its use in cross-border trade, an official at the China Foreign Exchange Trade System said.
This would
Read the full story h e r e.
This would be a great and timely boost for our trade and economy. There should be some developments with regards to this when the PM is in Washington DC to meet world leaders. I'll try and keep tabs but I'm sure everyone else would too.

19 comments:

skilgannon1066 said...

Really, ah? A country with US$2.4 trillion in reserves and a country with less than US$150 billion in reserves?

And is Malaysia running a trade surplus or deficit with China?

If the Middle Kingdom is coming to Malaysia to rock and roll, then what about certain local sensitivities?


Never mind, the ringgit will get a free ride when the yuan is floated or allowed to appreciate. US$1 to RM2.10? Or even US$1 to RM1.40? Oh, wait - that one cannot, lah - means that the Singgie dollar and the Msian ringgit will be on par!

Pahit Manis said...

Kan Najib dah jual negara kita kat China, mesti la China nak bagi ringgit didagang dgn duit yuan China.

Anonymous said...

Datok Rocky,

Time for UiTM to set up Sinaca Institute (China Institute).The malay scholars need to study the wisdom of Mainland China chinese in order to create New Economic Model malay society that will be as resileant as the mainland chinese. The wisdom of China Chinese is far far superior than local and south sea chinese. Local and south sea chinese thrived economically, without stiff competition from the natives. Hence they are really not battle hardened.

Prof Awe Kecik.

pak_syed said...

Now finally there's a prime minister who work with the people, not people work for him (as in Badawi's case).

Anwar Ibrahim, Lim Kit Siang, Karpal Singh, Hadi Awang - they can all remain in the opposition bench because the only thing they are good at is opposing. The reality for the rakyat is they need someone who are actually looking after them, not to somebody who can only talk.

Anonymous said...

Najib is also scheduled to meet Ultra Jewish Supremacist-Neocon Robert Zoellick in a SECRET meeting. Is this not true, Rocky?

Anonymous said...

BYD Auto Co Ltd, of China is going to be given license to assemble right-hand-drive cars in Malaysia. BYD in Malaysia is linked to Tan Sri Vincent Tan, who happens to also have some form of skin disease.
What are the newspapers doing sleeping or just SLIPing into nothingness.

its me Boss.

Anonymous said...

BERNAMA --- Malaysia's hard-fought battle against communist guerrillas will be retold before an American audience here as the United States grapples with its fight against terrorism with its military troops still in Iraq and Afghanistan.

My Q, why are the MUSLIMs in Iraq and Afghanistan being labelled as TERRORIST by BERNAMA.

NAJIB has sold his soul to the JEW, and NOW selling rest to the CHINESE. PERKASA tidoq kah????

Anonymous said...

Singapore blogger views not welcomes.

Anonymous said...

Straits of Melaka is going to be given to the US, to so call partol the area from invicible terrorist heheheheh

Anonymous said...

Duk jade satelit state China ... tak bes le beb..mreka tu busuq bau ne.

Mydeen Aboo Backer said...

Anonymous @ 2.15pm, I think the meeting with the World Bank President is well known and published lah, its not a secret at all. And if the PM has Malaysian interests at heart, he shouldnt be pulling any anti-Semitic moves while in DC where they do not tolerate these things.

Kalau di rumah orang....

Anonymous said...

Najib is smarter than paklah and Rosmah has always said "don't underestimate him"

so skewed moron will swallow his words and eat humble pie

Anonymous said...

Prof AK
“Time for UiTM to set up Sinaca Institute (China Institute).The malay scholars need to study the wisdom of Mainland China chinese in order to create New Economic Model malay society that will be as resileant as the mainland chinese.”

I personally think the Scandinavian Model is a better choice.

“The wisdom of China Chinese is far far superior than local and south sea chinese.”

I would agree, development stage for China Chinese including life, culture and politic is much more complex and depth. However, I would say the SEA Chinese are more flexible and retractable.

“Local and south sea chinese thrived economically, without stiff competition from the natives. Hence they are really not battle hardened.”

The thrived is mostly due to connection with the government/monarchy, competitiveness was never the main caused. Btw, I see myself as native as well unless we have a different definition for the term “native”.

Rhan

PS/ RB, I have a feeling that Ringgit is actually “peg” to RMB. What do you think?

donplaypuks® said...

"Najib is smarter than paklah and Rosmah has always said "don't underestimate him." Anon 7.18

Whoa, such pearls of wisdom! What did you expect our de facto million $ shopping trips PM to say? "Please overestimate my stupid husband?"

dpp
We are all of 1 race, the Human Race

skilgannon1066 said...

Anon 3:56 PM

Wassamatter, brudder - can't take the heat? Then stay out of the kitchen, mate!

Anyways, what precise points in my post are u objecting to?

Pahit Manis 6:30 PM

Your point being what, exactly? If u are saying that Malaysia should not be co-operating with the likes of China and India, then who should it be working with? The OIC? The GCC? The US?

Note that even the eloquent Dr Mahathir has been noticeably silent on the rise of China and India to prominence on the Asian stage, and what the implications are for Malaysia. I suspect that's may be because he's not treated with the same reverence in these countries, as, say, a certain LKY!

And, oh - u might have noticed that the EU has chosen to launch free trade negotiations in Asia with India, Singapore and - wait for it - Vietnam!

And that the Obama administration is working to conclude a Closer Economic Partnership Agreement with Indonesia after the US FTA with Singapore.

Which kinda leaves Malaysia on the sidelines, don't u think?

At least, the PM seems to have a firmer grasp of geopolitical and economic realities, unlike some of his predecessors!

Anonymous said...

Wow skillgannon is surely one sensitive and paranoid person. Seriously thinking all the comments revolve around him/her.

We call it the bodoh sombong attitude.
Typical of those people down south across the water.

skilgannon1066 said...

anon 10:25 AM

Well, those people down south have turned in some good GDP growth figures - an estimated 13.1 per cent y-o-y for Q1, and an expected GDP growth of 7-9 per cent for 2010.

Now - drum roll, please - what are the corresponding figures for Malaysia? The NEM notwithstanding.

Seems to me that folks whose dollar buys 2.3x ringgit have some bragging rights, after all!

Hey, maybe the ringgit is 30-40 per cent under-valued against the US dollar, a la the Chinese yuan? Wouldn't that be a sop for your braggadocio?

Anonymous said...

Skilgannon1066 said,

Well south sea chinese bribed to the brim most of the region natives' oligarchies and royalties to practice oligopolistic economy. You all will be pauper standing like the native peasants , when the region practice open trade policies sooner or later , huhh.. see how you compete with the mainland chinese, lebanese arabs, south african zulus, kalkota Bengalis. You south chinese sure cannot compete one, thriving only in managed and protective economy and in the warmth embraced of the native royalties and oligarchies.

Prof Awe Kecik.

skilgannon1066 said...

Prof Awe Kecik 9:49 AM

Your degree must be one suspect one, lah!

How many FTAs has Singapore signed, eh? Including those with Japan, India, China, the US and the GCC? Now starting negotiations with the EU.

Pretty good going for a little red dot, eh?

Or u wanna ask how much FDI the US, EU and Japan have put into Singapore to date and pull up the comparitive figures for Malaysia?

Stats don't lie, bro. Especially FTA stats and FDI stats.

Let's not even talk about international reserves, sovereign credit ratings and budget deficits!