KUALA LUMPUR: The ringgit continued its downtrend today amid a weaker global economy due to the lingering concerns on the COVID-19 outbreak.
As at 9.04am, the local unit weakened to 4.1680/1710 against the greenback from yesterday's close of 4.1600/1620. IHS Markit in its research note said, compared to during the similarly-alarming Severe Acute Respiratory Syndrome (SARS) pandemic, China’s role in the global economy this time around has significantly increased.
"China is currently the second-largest economy of the world after the US. It is the second-largest importer of manufacturing goods amounting US$1.674 trillion in 2019, which accounts for 9.1 per cent of global imports and the largest exporter worth US$ 2.524 trillion in 2019, which is responsible for 13.7 per cent of global exports.
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