What does He Mean when Jiuhu want dedollarization for its trade?

[k1976]

https://www.google.com/amp/s/amp.sc...t-push-china-trading-slash-reliance-us-dollar


Asia

Malaysia makes ‘aggressive’ ringgit push for China trading to slash reliance on US dollar​

• ‘To stop the reliance on the US dollar is difficult, but Malaysia will be more active and aggressive in the use of ringgit’, PM Anwar Ibrahim said
• He told parliament on Tuesday that part of this strategy will involve increased use of the Malaysian currency with largest trading partner China

 

[k1976]

https://www.google.com/amp/s/www.ns...-revisit-using-gold-dinar-reserve-currency-pm


Why suddenly want to revisit Gold Dinar?


KUALA LUMPUR: The government will revisit the idea of using the gold dinar as a reserve currency, the Dewan Rakyat heard today.

Prime Minister Datuk Seri Anwar Ibrahim said the matter will be discussed during the upcoming meeting on Islamic economics and finance held in December.


"We want to start it (the use of gold dinar), despite limited conditions.

"As I have mentioned earlier, our trading with China using ringgit and renminbi is at 25 per cent.

 

[k1976]

Meaning jiuhu want to use Pet Rock as a reserve?

 

[k1976]

https://theindependent.sg/ringgit-reaches-25-year-low-against-us-dollar/


Like that....more hungry Hantu will flood in from 鬼门关to steal lunch ler

 

[k1976]

• HOMEPAGE
• MALAYSIA
• RINGGIT REACHES 25-YEAR LOW AGAINST US DOLLAR

MALAYSIA

Ringgit reaches 25-year low against US dollar​

Anna Maria Romero Posted onOctober 19, 2023


SINGAPORE: The situation does not look good for the Malaysian ringgit at the moment, as it has fallen to its lowest level in the 25 years since the Asian financial crisis of 1997-1998. The rising US dollar has caused the ringgit to drop 0.3 per cent to 4.7635 per US$, its lowest rate since 1998.


After the Japanese yen, the ringgit has been the worst performer in Asia this year, dropping by more than 8 per cent against the US dollar. Bloomberg noted on Oct 18 that in the past six months through August, Malaysia has consistently posted lower export numbers.

This is due, at least in part, to an economic slowdown in China, which is the Southeast
country’s biggest trading partner.

September’s export data, released on Thursday (Oct 19) by the government, showed that exports fell by 13.7 per cent, although the decline was slower than the 16.5 per cent expected by 17 economists to whom Reuters spoke.

 

[k1976]

Bloomberg pointed out that the ringgit’s most recent fall has come at the same time that the dollar has gained on haven demand amidst concerns over the war between Israel and Hamas.

Mr Vishnu Varathan, the head of economics and strategy at Mizuho Bank Ltd. in Singapore, was quoted by Bloomberg as saying that the ringgit has underperformed because of “real rate spreads that could turn a lot more unfavorable, especially as the subsidy rollback hits inflation and reveals softer real policy rates”.

 

[k1976]

https://www.straitstimes.com/singap...s Foodpanda,illegally as food delivery riders.

Driving force behind good strong demand of SG vehicles ??

 

[k1976]

https://www.google.com/amp/s/www.al...ion-crisis-after-33bn-in-pandemic-withdrawals


As of December, 51 percent of the 6.7 million EPF contributors under the age of 55 had savings of less than 10,000 ringgit, up from 4.7 million contributors with that amount of savings in April 2020, according to EPF data.

Jiuhu very desperate in need of $$$$

 

[k1976]

While the withdrawals provided a lifeline to many Malaysians, they exacerbated a looming pension crisis in the Southeast Asian country, where low wages, high levels of debt and growing life expectancies leave millions of workers ill-prepared for retirement.

Last month, Malaysia’s central bank warned that the average Malaysian is at risk of running out of retirement savings 19 years before their death.

 

[k1976]

“Based on Malaysians’ life expectancy, 10,000 ringgit only allows members to earn a retirement income of less than 42 ringgit ($9.50) per month for a period of 20 years,” a spokesperson said.


The spokesperson said, however, that the 145 billion ringgit withdrawn during the pandemic represented only a small fraction of the fund’s total assets.

 

[k1976]

“Nonetheless, the amount is still under control as it only represents 15 per cent of the total assets under management, which currently stands at 1 trillion ringgit [$225bn],” the spokesperson said.

Nungsari A Radhi, an economist and former MP, said allowing the withdrawal of EPF savings was a mistake that will leave pensioners facing a retirement crisis.

 

[k1976]

https://www.google.com/amp/s/www.ns...ion/2022/12/860974/malaysias-new-poor-dilemma

 

[k1976]

KUALA LUMPUR: After years of serving as the nation's economic majority, the Malaysian middle class or M40 is now losing ground.

Based on the Household Income and Basic Amenities Survey Report 2020 conducted by the Department of Statistics Malaysia (DOSM), 20 per cent of households from the M40 group have fallen into the B40 group due to the Covid-19 pandemic fallout.


The M40 income earners or the "new poor" are said to be hanging on by a thread and others even falling off into poverty.

The middle class earners, categorised as the bedrock of economic growth, are now battling financial woes and debts as the cost of living, especially in urban areas, continues to rise.

 

[k1976]

https://asia.nikkei.com/Politics/Ma...ht-to-pull-Malaysia-out-of-middle-income-trap

 

[k1976]

PETALING JAYA: Unemployment and low pay are the two main reasons why young Malaysians are falling into bankruptcy, an economist said, citing two studies released last year.

Geoffrey Williams of the Malaysia University of Science and Technology said the Labour Market Review Q4 2022, and the Salaries and Wages Survey Report 2022 showed that total unemployment for those aged 25 to 34 stood at 32%.

PETALING JAYA: Unemployment and low pay are the two main reasons why young Malaysians are falling into bankruptcy, an economist said, citing two studies released last year.

Geoffrey Williams of the Malaysia University of Science and Technology said the Labour Market Review Q4 2022, and the Salaries and Wages Survey Report 2022 showed that total unemployment for those aged 25 to 34 stood at 32%.

https://www.freemalaysiatoday.com/c...-debt-by-unemployment-low-pay-says-economist/

 

[k1976]

https://themalaysianreserve.com/2023/02/27/is-malaysia-sleepwalking-into-a-debt-trap/


The rating agencies, ever in hawkish mode when a nation is down and wounded, keep a close watch on long-term government funding. The nation’s outstanding government bonds and sukuk crossed the RM1 trillion mark as at January 2023. That figure excludes the treasury bills and other short-term debt issued by Bank Negara Malaysia (BNM).


“With higher yield backdrop, government interest expense will definitely increase and this has to be supported by productivity or better revenue collection base. How to address this potential trap was not prominently addressed in the budget,” a senior banker remarked in one of my Whatsapp discussions while the Prime Minister Datuk Seri Anwar Ibrahim was presenting the budget to fellow lawmakers at the Dewan Rakyat last Friday.

Out came a chart to buttress the case. This one is for Malaysia’s 10-year government bonds yield trends. In 2020, it was 2.7%. Last year, it averaged 4.3%. Now, it’s close to 4%. What the number tells us is that the debt on the books will definitely burden the government financially. There is no running away from it.

 

[k1976]

https://www.globaltimes.cn/page/202304/1288482.shtml

BRI 'dept trap'? Check to see what the Malaysian Transport Minister said

By: Global Times | Published: Apr 03, 2023 06:22 PM

“Whichever government or whichever country sign up to the BRI, they should know what they are signing up to. This cannot be seen or viewed as a debt trap,” Malaysian Transport Minister Anthony Loke Siew Fook said in an exclusive interview.

 

[k1976]

https://www.eurasiareview.com/08012...ects-its-self-trap-and-china-pander-analysis/

Jiuhu expensive Rail Way Project is turning into a debt trap

 

[k1976]

The decision to continue the project, by capitalising on its supposed “win” in saving approximately RM11 billion from the original negotiated price, is born out of the inevitability of self trap and the “damned if do, and damned if I don’t” dogma that crippled Malaysia’s options. It resulted from the impact of the sorry state of its corrupt past that has continued to entrap it and drag down its financial options.

In realising that it remains at a loss regardless of its decision, and that it is compelled to pay an exorbitant amount of compensation should it continue to scrap, it is forced to proceed in salvaging the best outcome, however lopsided it might be. The total cost for this stands at almost RM 75 billion, the biggest project and the costliest by far for the country and stands higher as compared to many similar projects around the world.

 

[k1976]

Either way, Malaysia gets the worst deal and outcome in almost all denominators, from its strategic security parameter to downright counterproductive progressive sustainability.

There is no denial on the projected economic multiplier ripple effects in bridging the East-West development gap, spurring greater progressive and balanced development of the country, and improving connectivity and mobility of the people in producing greater integration and connection of talents and societal integration.

This has been made more pertinent post election, seeing how divided the electorate and the perspectives of the different demographic and geographical segments of the country.