succession plan

In long term, I am converting RM to USD/SGD/AUD/GBP regardless of the rates. With not so good prospect on the malaysian economy (and hence RM) over long term, averaging out over the years will still provide forex gains

dropping back to 4.38

Old bird like you understand the whole picture 

But you can see in this thread there are many people still asking whether it is a good idea to convert their RM to forex. They find it hard to understand the gloomy future they are facing 

Couldn't wait for them to finish their business 

RM should have breached 4.50 easily if everything go according to fundamentals

Sources: China wants quick, sharp currency decline

China's central bank is under increasing pressure from policy advisers to let the yuan currency fall quickly and sharply, by as much as 10-15 percent, as its recent gradual softening is thought to be doing more harm than good.
http://www.cnbc.com/2016/01/07/sources-chi...cy-decline.html

Don't mind me asking, if China devalue their currency some more, would it put pressure on the USD or it will give the USD a boost?

I think you misunderstood me. I was replying to cherroy. He said there's no problem in malaysian banking system. Saying some of our banks are on par with developed countries bank. So I said what's the use of best banking system in the world if your currency loses out to indon and Thai?  In the long term, keeping money in Malaysia will make us poorer (price of stuff increases to match usd-myr exchange rates)

That's what I am saying. Despite strong banks, our ringgit have fallen the worse in these region.

People's Bank of China sets yuan fix at 6.5636 versus 6.5646 Thursday

China's central bank guided the yuan a shade higher Friday, reversing eight days of declines in the currency that rocked financial markets and fanned renewed worries over the health of the world's second-largest economy.

The People's Bank of China (PBOC) set the yuan reference rate at 6.5636 against the dollar, up 0.02 percent from Thursday's fix and higher than the yuan's closing rate of 6.5929 in onshore trading on Thursday.

China's central bank lets the yuan spot rate rise or fall a maximum of 2 percent against the dollar, relative to the official fixing rate.
http://www.cnbc.com/2016/01/07/peoples-ban...6-thursday.html

Najib: Budget 2016 to be recalibrated
http://www.thestar.com.my/news/nation/2016...e-recalibrated/

Another round of volatility for USD/MYR?

China says will further liberalize interest rates
http://www.cnbc.com/2016/01/08/china-centr...uan-stable.html

Yuan Seen Needing Bigger Depreciation for China to Reap Benefits
The yuan, which has fallen 5 percent since China’s central bank devalued the currency in August, probably needs to fall an additional 14 percent if the nation’s economy is to see any real benefits.
http://www.bloomberg.com/news/articles/201...o-reap-benefits

Raise taxes on income

Yes, same question here,... when is the ann't ?

Oh China.. Because of u doing.. Whole world market suffers.. incl forex and it's much worse for bolehland

if ringgit follow yuan..is it good to buy usd ? xD

im sure can get small amount of profit if sell back..

i cant expect for 6.5% changes in year.. haha. so u mean better put at fd is it? but fd must be keep for >1yr right?

Moody’s cuts Malaysia’s sovereign rating outlook due to growth risks - See more at:

"Those environmental changes have also undermined Malaysia's external position, with large capital outflows, a falling current account surplus, sharp exchange rate depreciation and falling reserves," the ratings house said in a report. Alongside a worsening external environment, material domestic imbalances continue to pose a risk to growth and household debt levels remain high, it added. - See more at: http://www.themalaysianinsider.com/malaysi...h.wWVRW5jw.dpuf