Ringgit needs convertibility in offshore market

HAS the ringgit reached a tipping point? While the identification of what caused the currency plunge in a rapid manner and in an unfashionable manner is obvious, Trump’s triumphant march to the White House, China setting the yuan at 6.8115 versus 6.7885 a day earlier (a 200-pip depreciation), which was totally unexpected as well as the spike in US Treasury yields.

While these external factors are given, the confusion that occurred in the local inter-bank market was another story altogether.