The ringgit ended lower against the US dollar today on mild profit taking following recent gains and investor’s disappointment with China’s macro targets set during its National People’s Congress (NPC).
The ringgit ended lower against the US dollar today on mild profit taking following recent gains and investor’s disappointment with China ’s macro targets set during its National People’s Congress (NPC). China Premier Li Qiang said today that China expects its gross domestic product (GDP) to record a 5% growth in 2024, lower than the 5.2% achieved in 2023 amid a sluggish global economic environment.
Meanwhile, Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said that investors appear to see China’s GDP target as being on the high side, especially when property developers are still grappling with the sector’s doldrums. He said some profit taking may have occurred after the ringgit strengthened against the greenback since last week. “All in all, investors remain bullish on the US dollar as the US Federal Reserve is not about to change their restrictive stance,” he told Bernama
Ringgit US Dollar Profit Taking China GDP Target
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