Economics
Ringgit Weakens Beyond 4 Per U.S. Dollar for First Time Since 1998
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Malaysia’s ringgit slid beyond 4 to the dollar for the first time since 1998 as investors flee the nation’s assets amid a slowing economy and controversy over finances linked to Prime Minister Najib Razak.
China’s surprise devaluation of the yuan lumped more pressure on the ringgit, which led losses in Asia Wednesday and is the region’s worst performer in the past 12 months. Vietnam widened the dong’s trading band earlier in the day, adding to speculation policy makers will reignite a currency war to weaken exchange rates and revive faltering exports. Brent crude has more than halved from a 2014 peak, hurting revenue for oil-exporting Malaysia.