By JAY WHY
Theringgitclimbedtoasevenweekhigher yesterdayhelpedby arally in oil prices as oil producers showed signs of agreement on production cutbacks.
Theringgitleadregionalgainsasthecrudereboundpromptedtraderstounwind bearishbetsonthecurrencyofacountrythatisamajorexporterofpalmoiland liquefied natural gas. Itrose1percentto4.2485perdollar,itsstrongestsinceDec.10.
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Italso found furthersupportfromdemandagainsttheneighboringSingaporedollar. Againstthecity-stateunit,theringgittouched2.9751,thehighestsinceOct.14.It cameaseconomistssawgrowing chances that Singapore will ease its policy stance to prop up growth and inflation.
Brentcrude jumpedalmost6percentto$32.30abarrel,reversingearlierfalls while US oil was up 5.4% at $31.98.
Oil made gains on hopes that both Opec and non-Opec producers would take action totackleoversupply,afterOpeconMondaycalledforco-operationfromoil producing nations outside the cartel.
Meanwhile,China'sstatemediahaswarnedbillionaireinvestorGeorgeSoros againstbettingonfallsinthevalueoftheChineseyuanandHongKong dollar, amid widespread worries over the health of world's second-largest economy.
China'sfourth-quartereconomicgrowthslowedtotheweakestsincetheglobal financialcrisis,increasingpressureonagovernmentstrugglingtoregaininvestors' confidenceafterperceivedpolicymisstepsjoltedglobalmarkets.
"Soros'challengeagainsttherenminbi(yuan)andHongKongdollarisunlikelyto succeed,thereisnodoubtaboutthat,"thePeople'sDaily overseaseditionsaidina front-page opinion piece on Tuesday.
China'seconomicfundamentalsremainsound,despiteslowergrowth,volatilityinits stockmarketandtheyuan'sdepreciationagainsttheUSdollar,saidtheopinion piece, written by a researcher at the commerce ministry.
SorostoldBloombergTVonThursdayheseesahardlandingforChina'seconomy contributing to global deflation.
Inhis comments toBloomberg,Soros saidhehadbeenbettingagainsttheS&P500, commodity-producingcountriesandAsiancurrencies,whilebuyingUSgovernment bonds. He did not specifically mention the yuan and Hong Kong dollar.
China'seconomicgrowthslowedto6.8%inthefourthquarter,bringingthefull-year growthto6.9%in2015-thepoorestshowingin25years.
TheXinhuanewsagencyalsowarnedagainstspeculationonChina'sstocksand currency,sayingthatsmart,far-sighted investors should seize theopportunities from China's economic restructuring.
"SomepeoplebelievethattheChinesecapitalmarketisexperiencingamajorcrisis, ofwhichtheytrytotakeadvantagewithspeculativeactionsandevenvicious shortingactivities,"XinhuasaidinacommentarypublishedonSaturday.
Chinahasbeenconstantlyimprovingitsmarketregulatory systemandlegalsystem, itsaid."Asaresult,recklessspeculationandviciousshorting willface higher trading costs and possibly severe legal consequences."
China'scentralbankhaspledgedtokeeptheyuanbasicallystableagainstabasket ofcurrencieswhileHongKong'scentralbankhassaidithadnoplanstochange the Hong Kong dollar's peg to the US dollar, despite recent market volatility.
ItwouldbeinterestingtoseewhetherSorosdarestobetagainstChinawhichhasa foreignreservesofUS$3.33trillionasatDecember2015despiteshrinkingby US$108 billion that month. ThemanwasblamedforbreakingtheBankofEnglandin1992andhisfundwhich bet against the Thai Baht trigged the Asian Financial Crisis in 1997.
Can Soros slay the Dragon or be swallowed in his bid?
Theringgitclimbedtoasevenweekhigher yesterdayhelpedby arally in oil prices as oil producers showed signs of agreement on production cutbacks.
Theringgitleadregionalgainsasthecrudereboundpromptedtraderstounwind bearishbetsonthecurrencyofacountrythatisamajorexporterofpalmoiland liquefied natural gas. Itrose1percentto4.2485perdollar,itsstrongestsinceDec.10.
Brentcrude jumpedalmost6percentto$32.30abarrel,reversingearlierfalls while US oil was up 5.4% at $31.98.
Oil made gains on hopes that both Opec and non-Opec producers would take action totackleoversupply,afterOpeconMondaycalledforco-operationfromoil producing nations outside the cartel.
Meanwhile,China'sstatemediahaswarnedbillionaireinvestorGeorgeSoros againstbettingonfallsinthevalueoftheChineseyuanandHongKong dollar, amid widespread worries over the health of world's second-largest economy.
China'sfourth-quartereconomicgrowthslowedtotheweakestsincetheglobal financialcrisis,increasingpressureonagovernmentstrugglingtoregaininvestors' confidenceafterperceivedpolicymisstepsjoltedglobalmarkets.
"Soros'challengeagainsttherenminbi(yuan)andHongKongdollarisunlikelyto succeed,thereisnodoubtaboutthat,"thePeople'sDaily overseaseditionsaidina front-page opinion piece on Tuesday.
China'seconomicfundamentalsremainsound,despiteslowergrowth,volatilityinits stockmarketandtheyuan'sdepreciationagainsttheUSdollar,saidtheopinion piece, written by a researcher at the commerce ministry.
SorostoldBloombergTVonThursdayheseesahardlandingforChina'seconomy contributing to global deflation.
Inhis comments toBloomberg,Soros saidhehadbeenbettingagainsttheS&P500, commodity-producingcountriesandAsiancurrencies,whilebuyingUSgovernment bonds. He did not specifically mention the yuan and Hong Kong dollar.
China'seconomicgrowthslowedto6.8%inthefourthquarter,bringingthefull-year growthto6.9%in2015-thepoorestshowingin25years.
TheXinhuanewsagencyalsowarnedagainstspeculationonChina'sstocksand currency,sayingthatsmart,far-sighted investors should seize theopportunities from China's economic restructuring.
"SomepeoplebelievethattheChinesecapitalmarketisexperiencingamajorcrisis, ofwhichtheytrytotakeadvantagewithspeculativeactionsandevenvicious shortingactivities,"XinhuasaidinacommentarypublishedonSaturday.
Chinahasbeenconstantlyimprovingitsmarketregulatory systemandlegalsystem, itsaid."Asaresult,recklessspeculationandviciousshorting willface higher trading costs and possibly severe legal consequences."
China'scentralbankhaspledgedtokeeptheyuanbasicallystableagainstabasket ofcurrencieswhileHongKong'scentralbankhassaidithadnoplanstochange the Hong Kong dollar's peg to the US dollar, despite recent market volatility.
ItwouldbeinterestingtoseewhetherSorosdarestobetagainstChinawhichhasa foreignreservesofUS$3.33trillionasatDecember2015despiteshrinkingby US$108 billion that month. ThemanwasblamedforbreakingtheBankofEnglandin1992andhisfundwhich bet against the Thai Baht trigged the Asian Financial Crisis in 1997.
Can Soros slay the Dragon or be swallowed in his bid?