The ringgit opens higher on the prospect of China reopening, as markets rallied

KUALA LUMPUR, 9 November 2022 – According to an analyst, the ringgit began higher vs the US dollar today, boosted by bullish mood on the potential of China reopening its borders and a rebound in shares.

The local note jumped to 4.7350/7390 at 9 a.m., up from 4.7385/7420 at the closing on Monday.

Given Malaysia’s extensive commercial links with China, SPI Asset Management managing director Stephen Innes believes the ringgit might rise much more.

“Although it (China’s openness) is more spin than substance, investors may begin to book more local risks and widen their risk-taking.”