27 Feb '17, 10am

Malaysia’s currency curbs boomerang on bond markets (Reuters/MMO) https://t.co/4RB16NNRZv

Reuters/Malay Mail Online February 27, 2017 SINGAPORE, Feb 27 — When Malaysia forced foreign investors in its markets not to dabble in offshore derivatives in its currency last year, its target was speculative pressure on the ringgit, but it appears to have shot itself in the foot. The ringgit was the weakest currency in emerging Asia last year after China’s yuan, prompting Malaysia’s central bank to get a written commitment from foreign banks to stop trading ringgit non-deliverable forwards (NDFs), offshore contracts they use to hedge their exposure to the currency. The upshot has been a flood of money leaving Malaysian bonds as foreigners, who own US$47 billion of them, were unable to hedge their risks in onshore markets because of a lack of liquidity. “It’s a market that’s kind of been destroyed,” said Gene Frieda, the London-based global strategist at bond giant fund P...

Full article: https://blog.limkitsiang.com/2017/02/27/malaysias-currenc...

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