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Malaysia's central bank to adopt new spot fixing system for dollar/ringgit trade
[KUALA LUMPUR] Malaysia's central bank announced on Wednesday a new spot fixing methodology for US dollar/Malaysian ringgit trade effective on July 18, which will be based on the weighted average volume of transactions by domestic financial institutions.
Bank Negara Malaysia said in a statement that the new methodology is more transparent and better reflects underlying trades during the day. Previously, the USD/MYR Reference Rate was based on quotations from selected banks.
The central bank also said that trading in the onshore ringgit market will be extended by an hour to 6 pm (1000 GMT).