No ringgit peg change

Changes include extending the period for forward contracts from 12 months to "the tenure of the underlying transaction"; and allowing non-residents investing in ringgit-denominated bonds to trade forward contracts to hedge FX risk.

Irene Cheung, FX strategist at ABN Amro in Singapore, said: "Extending the tenure can be seen as a move towards flexibility and liberalisation."

But others said the regulations only provided a token liberalisation. They could even be viewed as a move to head-off

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