News Snapshot:
The ringgit opened lower against the US dollar today as poor Chinese economic data weighed on emerging currencies, including the ringgit, analysts said. At 9am, the local currency weakened to 4.4650/4670 versus the greenback from yesterday’s close of 4.4570/4595. Oil prices also fell following the disappointing economic data from the world’s largest crude oil importer and the world’s second largest crude oil consumer, China. China reduced its key policy rates for the first time since January, slashing the one-year medium-term lending facility by 10 basis points to 2.75 per cent. This came as a surprise after the country’s retail and...
