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The governor of China’s central bank outlined a plan on Wednesday for a global financial system that relies on several major currencies, not just the dollar, as Beijing steps up its campaign to weaken the U.S. dollar’s primacy.Pan Gongsheng, the governor of the People’s Bank of China, did not mention the dollar by name but gave an extended critique of the potential dangers of international reliance on a single country’s currency.In a coded reference to the United States, Mr. Pan cited the dangers posed by fiscal and regulatory problems in...

The euro is the world’s second most-used currency, accounting for 20% of global foreign exchange reserves, compared with 58% for the US dollar.Harbour Asset Management fixed income and currency strategist, Hamish Pepper, said the greenback was losing favour, but only at the margin.“The set-up to this weakness in the US dollar was one where pretty much everybody acknowledged that it was an expensive, or overvalued, currency,” Pepper said.AdvertisementAdvertise with NZME.“It’s been supported by this exceptional US economy, so that was the story.“All of a sudden we’ve had a couple of...

KUALA LUMPUR, June 9 — The ringgit opened lower against the US dollar today as the greenback strengthened amid renewed volatility from a challenging global economy outlook for the second half of 2025.At 8.03am, the local note stood at 4.2375/2560 against the greenback, easing from Friday’s close of 4.2270/2360.Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the ringgit is expected to range between 4.23 and 4.24 today, following the stronger-than-expected United States (US) nonfarm payroll (NFP) data for May.He highlighted that the US NFP rose 139,000...

TEMPO.CO, Jakarta - In the global trade world, the exchange rate of currencies often becomes a barometer of a country's economic strength. Despite dominating as the most traded currency, it turns out that the US dollar does not currently hold the top position as the world's strongest currency. On the other hand, a number of currencies are at a nadir, with their values only a small fraction of one US dollar.Quoted from Forbes and Xe Corporation, here is a list of the 10 strongest and weakest currencies in the world...

TEMPO.CO, Jakarta - In the global trade world, the exchange rate of currencies often becomes a barometer of a country's economic strength. Despite dominating as the most traded currency, it turns out that the US dollar does not currently hold the top position as the world's strongest currency. On the other hand, a number of currencies are at a nadir, with their values only a small fraction of one US dollar.Quoted from Forbes and Xe Corporation, here is a list of the 10 strongest and weakest currencies in the world...

TEMPO.CO, Jakarta - Governor of Bank Indonesia Perry Warjiyo and Governor of the People's Bank of China Pan Gongsheng signed a memorandum of understanding (MoU) on Sunday, May 25, 2025, at Merdeka Palace to promote the use of local currencies in bilateral transactions. The signing was witnessed by Indonesian President Prabowo Subianto and Chinese Premier Li Qiang.According to Ramdan Denny Prakoso, Executive Director of BI’s Communication Department, the agreement builds upon a previous arrangement established between the two central banks on September 30, 2020."By expanding the scope of cooperation in bilateral...

Japanese Finance Minister Katsunobu Kato said he’ll seek another opportunity to talk with his US counterpart Scott Bessent next week to discuss currency matters, building on their dialogue last month.“We confirmed that currency rates should be determined by the market, and that excessive volatility can harm the economy and financial stability,” Kato said Friday at a post-cabinet meeting press conference, referring to his April bilateral meeting with the US Treasury secretary in Washington. “I’m looking for a chance to speak with Bessent again next week to discuss these points, if...

The value of the dollar saw fluctuations on Thursday during a week marked by a tariff truce between the U.S. and China. Speculation arose regarding Washington's potential strategy to weaken the dollar, affecting the South Korean won which showed volatility amid discussions between U.S. and South Korean officials.Investors remain uneasy over U.S. dollar policy, potentially supporting Asian currencies in the short term. The South Korean won rose 0.8% against the dollar, bouncing back from previous losses. This movement mirrors Taiwan's currency surge after U.S.-Taiwan trade negotiations.The dollar displayed mixed...

The US dollar has been weaker on the back of tariffs and softness internally in terms of expected growth, said Mr Saktiandi Supaat, head of FX research at Maybank. “We observe that there is a diversification away from the USD and the SGD appears to be one of the beneficiaries of this theme,” he said, adding that the Monetary Authority of Singapore’s (MAS) policy stance is also responsible for the steady appreciation of the Singapore dollar. Mr Saktiandi, who is also a Member of Parliament, said Singapore’s stability and strong...

The U.S. dollar has fallen about 9 percent in the past three months, according to an index that tracks its performance against a basket of major trading partners. Not since the 1970s has the currency performed so badly in a president’s first 100 days.The drop isn’t surprising. The U.S. economic outlook is far cloudier than it was on Inauguration Day, as President Trump’s tariffs set the stage for slower growth and higher inflation. U.S. assets look far less attractive now.But could there be something more existential afoot? Questions are swirling...