ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Economy

Asian forex policies tested as yuan falls

KUALA LUMPUR/JAKARTA -- Currencies of Southeast Asian countries that depend heavily on China for exports were pushed down further on Wednesday, after China's central bank devalued the yuan for a second straight day.

     The Malaysian ringgit, which has fallen the most among the region's currencies this year, slid below 4.00 against the greenback for the first time since 1998. The ringgit traded at a high of 4.04 at 10:41 a.m on Wednesday. Dealers quoted by state news agency Bernama said foreigners continued to sell the currency because of falling crude oil prices and a weakening Malaysian economy.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more