ringgit decline is not driven by 'market forces' whatever that may mean
it's got no sound rational economic explanation for it
ringgit decline is manipulated by jewry and their regional agents like stinkypura
dun forget stinkypura is 3rd largest forex trading centre in world, besides being a money laundering and tax evasion hub
example
ACCC investigating more forex manipulation
James EyersSenior Reporter
Updated Mar 1, 2018 – 2.41pm, first published at 11.19am
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The competition regulator says it is investigating bank manipulation of foreign exchange rate markets, suggesting at least
another bank may be put on the hook after Macquarie Group and ANZ Banking Group settled a cartel action in 2016 relating to setting the benchmark rate for the Malaysian ringgit.
"As a general matter we are concerned [about potential collusion in forex markets] and we do have some investigations, that I am not able to go into in any detail, that touch on some of these issues," ACCC executive general manager of specialised enforcement Marcus Bezzi told the Senate economics legislation committee.
ANZ, Macquarie Say Employees Tried to Rig Ringgit Benchmark Rate in Singapore
By
Robb M. Stewart
Updated Nov. 24, 2016 9:54 pm ET
MELBOURNE, Australia—Two of Australia’s largest banks admitted that
several employees in Singapore tried to manipulate the benchmark rate for the Malaysian ringgit, although there is no evidence they were successful.
On Friday, Australia’s antitrust regulator began proceedings in federal court against Australia & New Zealand Banking Group Ltd. and Macquarie Group Ltd. The regulator claims the banks attempted to engage in cartel conduct.
The banks each confirmed they had agreed to settle with the regulator in relation to the conduct of employees in 2011. The identities of the individuals weren’t disclosed in statements from the banks and regulator.
The Australian Competition and Consumer Commission said it agreed with ANZ and Macquarie on facts that would be presented to the court for consideration, including that a
Macquarie trader and traders employed by ANZ—along with a number of other unspecified banks in Singapore—had communicated in private online chat rooms about daily submissions to be made to the Association of Banks in Singapore regarding the ringgit fixing rate.
The banks and the regulator also agreed that on various dates in 2011, the traders tried to make arrangements with other banks that submitting banks would make high or low bids to the Association of Banks in Singapore. The ACCC alleges ANZ and Macquarie sought to influence the fixing rate.