Last Thursday, China's Reminbi or Yuan and Malaysian ringgit depeg with US Dollar.
Before that, Oriental Daily reported that China has sent its central bank's official to IMF to study how Singapore's government manage their currency and its foreign reserve basket.
Meanwhile, Chinese version of Asia Week, Yazhou Zhoukan reported that Chinese government might appreciate their currency 5% to peg with Hongkong Currency and to create a single currency with Hong Kong.
Eventually, the news prove that Oriental Daily is correct. China government adopted Singapore method rather than Hong Kong one.
Malaysia government is a follower rather than leading what has happen. Singapore government prove successfully manage it currency during Asia Financial Crisis. With China adopting Singapore method. Malaysia central bank, as a follower has no choice but have to follow as well.
With Brunei currency peg with Singapore for more than 2 decade. And the fact that new leader in both Singapore and Malaysia can work well together. It might be appear that at least 4 countries currency in Asia can peg together eventually. ie: China, Singapore, Brunai and Malaysia.
Prior to Asia Financial Crisis. Malaysia Ringgit is an acceptable currency in Indonesia and Philippine as a large population in both of the above country work in Malaysia and Singapore as a foreign labor and maid. Thus, Ringgit might be popular again in both country, together with Singapore Currency.
If Ringgit Malaysia become an acceptable currency again in Indonesia and Philippine after the de-pegn. We would have six countries in Asia using a single currency.ie China, Singapore, Brunei, Malaysia, Indonesia and Philippine.
If Thailand evetually adopted the Singapore method as well. The whole Asean + 1 will be using a Single currency. As Thai Bath is also an acceptable currency in Indochina country like Cambodia, Vietnam, Laos and Myanmar.
Close proximity between Hong Kong and China resulting both countries currency acceptable by people in one another territory. Thus, we able to add one more country. It is only difficult to predict how the other 3 Asia country currency: Korea, Japan and Taiwan is heading?
The depeg has send KLSE composite index to 5 Years high. Those who jump on the Rooster Year bandwagon at the beginning of the year get burn terribly. However, with the currency depeg. The real Rooster bull is just in the begining. This is an opportunity in 12 years you unable to miss. If you are skeptical because you get burn at the beginning of the year. I can guarantee that you will regret at the end of the year.
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7 comments:
Peter,
thanks for the info. As much as I would like a bunch of Rooster bullish feathers, I am at a lost when it comes to investment options. Care to share some tips?
Hi Miracle8
I was unprepared this week. May be next week
For those who are already in oversea and live comfortably. There is no reason for you to come back to Malaysia. Life in Malaysia is getting tougher each day.
Frankly, as a Chinese, I don't see there is any future for our next generation.
Another dangerous mentor that people always use is JFK "Don't ask what the country can do for you, ask what you can do for the country".
Is sound nice, but isn't how German Nazi and Japan militarism start the world war using the same mentor? Under the great "ask what you can do for the country".
Patriotism? Yes, I understand how you feel. Your love for the country was spoilt by the political party. Since non-malays will always be a second-class citizen, so you are probably the same in any other countries, if not better.
You get cannibalised by your own countrymen, intellectually and professionally.
As someone else advised, be a Global citizen.
Patriotism does not need you to be in Malaysia to work your due. Let no one pointed at you and say you are a traitor if your true intention is to generate good deeds for Malaysia wherever you are.
Save your time about coming back to Malaysia. Nothing will change in Malaysia. At least not even in this lifetime. Racism will still be here to stay, and also everything else.
I think there is such an entrenched discrimination against the Chinese and Indians in Malaysia, that it will take probably a whole generation to undo the damaged.
This is happening in whole spectrum of the Malaysian government, civil service, state governments and universities. Just look at percentage of malays in all these government bodies - 98%……….
A whole generation of malays has been brought up to think that it's their inherited right to own Malaysia. The other races are damned.
I think the malays especially those in power, are scared right now that if they will to compete openly with other races, they will surely be the loser. You will see very strong resistance to hire other races even the most qualified.
The malays are never brought up to compete on even ground. This is fault of previous PM and now the present PM has to tread a balance ground to ensure the malays are not cast away as well as to make Malaysia competitive worldwide.
In US I never met a malay immigrant, although there are thousands of Malaysian Chinese and Indian immigrants. Why? Malays in Malaysia have an easier life where they are literately prince of the land.
We have infrastructure good enough to be considered first world or better. Look at the Cyberjaya, Petronas Twin Towers, Putrajaya?
Gleaming high-rise buildings but also in every city, dirty toilets abound, litter clogging up the drains, public telephones damaged, plus unreliable rubbish collection and disposal. We just treat public facilities badly, not caring about others.
Being an urban dweller myself, I am constantly disheartened by the poor public infrastructure and upkeep in our capital city.
Faulty pedestrian traffic signals, illogical positioning of bus stops, poor public cleanliness, poor quality sidewalks (which are paved using slippery tiles), un-integrated and poorly managed public transportation system, the list goes on.
Your children can't even walk safely along the Kuala Lumpur streets, as they might be bags snatched, kidnapped, murdered, raped, or robbed, as they do not know the jungle laws of Malaysia. The police won't help much as they now have a big pile of corruption cases running after them.
You owe nothing to Malaysia, you pay your due, so live on.
So, my last advice. Don't come back unless you are really suffering in oversea.
I'm sorry this sounds very racist but I think we have to be honest in discussion.
It is true NEP has its good and its bad points depending on whose view you are looking at it.
The non-bumi has been straddled with this law for a long time and I can see lots of dissatisfaction emerging from their rank. This can be seen by the ever-increasing number of emigration taking place as well as non-returning students from abroad.
I cannot start to call them traitor, as some of the bumis here seem to imply on them. Put yourself in their shoe first and feel the full effect of the discrimination for over 30 years……….Do you think you will be happy? Anybody?
Want to know why the so call non-bumis are all running away from Malaysia for greener pasture as bumis call traitors and rats? Know that even rats must be wise to jump ship when the ship is sinking.
The government has been pushing the unity theme for Malaysia for a long time - The so-called Bangsa Malaysia. How do you unite people? How are you going to unite people of different races where one race enjoys more rights than other races? Unity can never happen if there is inequality.
So, if you don't want people to comment on your special rights, then don't talk about unity in front of the non-bumis.
The next reason why the non-bumis keep on condemning the special rights is because of the implementation of it. Does every bumi have the chance to enjoy their special rights? From what non-bumis have been seeing since the past till now, only the rich and powerful are enjoying it. The poor bumis are still poor. How many poor bumis were transformed from poverty to middle class?
Sure, what you talk about your experience might be true if you put it in a nutshell. You cite examples of success cases and stories which is what it should be. But don't use special rights to deny a fellow deserving Malaysian of that chance too.
If you don't trust your fellow countrymen, whom in the world are you going to put your faith into?
The reasons have been given, countless in fact. And I believe you can also see it for yourself what kind of state Malaysia is in now. No unity, no improvement in the competitiveness in Malaysia.
I believe no community will get stronger if it depends on protection all the time. In face of globalization, each one must pull its own weight but work as a team. Otherwise we go down together.
Even when we were children we were taught the strength of sticking together. Ultimately, we probably won't affect policy much. But it will satisfy me to know, someone reading this, will accept my argument. If only one person reads this and is willing to change their way of thinking, then I have succeeded.
Because they will then carry that idea to the next person.
Like myself, I will seriously wish that my future children would not have to endure the same pain as I did. The system hasn't changed much in the past (even if they do change, the change usually isn't beneficial to non-bumis), and as I can foresee, the system won't change much in the future too.
I know things cannot be as ideal as everyone would wish. We all are persevering. Nevertheless, when there is a better opportunity worthwhile to pursue, we will go for it.
We made a decision to migrate to Australia 15 years ago deserting my high fly corporate position with our three children.
If history could turn back, we would still do the same.
It is a joke when our three children are fully qualified in their respective professions, then our Malaysia leaders only realize that "Actually English is very important in this era of globalization, let's go back to English again in our primary school for science and mathematics subjects".
It is fortunate that we had our own thinking and were able to jump out from this "black box" of trial and error type of management in practically every aspect of the government administration machinery. As a result, our children do not waste their precious years.
Our children enjoy the experience of equal opportunity not only in education but also in employment. That has a very strong impact in character development because then they believe in themselves i.e. their own ability and equal opportunity available for personal development to the fullest extent. And they could fight for their own rights too simply because the environment encourages them to do so i.e. Freedom to think, and freedom to express. They enjoy their work in their respective professions and they have both close Asian and Australian friends.
The Australian authority treats the problem of racial discrimination very seriously and takes action very fast. I still remember those days when my youngest son was teased by certain racial remarks by his schoolmate. My wife reported the case to the school authority and after a proper investigation, the Aussie kid was made to make a public apology to my son and was suspended a week from school attendance.
Australia herself is a country of migrants from all over the world, the Britishs, the Italians and other Europeans also never give up their citizenships though they may stay for over many many years. If they tell you to go back to China, you have equal right to tell them to go back to whatever country they come from. "Fight for your right" is the spirit.
What we are concerned is actually the management of the country. There is enough wealth to be distributed among all the people who can theoretically enjoy better education, better life and medical facility. But poor management and the evil "corruption" have eroded away what the people deserve. If people demand a change, "racialism" is always a powerful tool to protect the regime.
The Australian government extinguishes any little spark that concerns racial issue. There are strict laws and they are very good in enforcement. The two party systems ensure no one monopolizes the government. If the government is not good, people will vote it out for sure.
It is a land of plenty, and of equal opportunity for everyone. One will make his way if he is prepared to seize the opportunity and work hard for it. No one believes in "God" will give, and most believes the creation and reward from their own hands and intelligence.
Though we pay high taxes, the future is more or less ensured as in case we are sick or in difficulty, we have all the assistance from the authority. It is the right for every kid in Australia to have the opportunity to finish his tertiary education if he could make an attempt and possible financial assistance is always there.
Australia's economy is very robust now and most graduates and school leavers are doing very well. My three kids who are qualified as professionals at a very young age are doing very well. They would not have achieved that type of level if we were to remain in our country of birth. Thank God!
We face less racial discrimination in university and workplace in Australia than in our country of birth.
The ironical fact is that we are being treated more a first class citizen in our host country than in our own country.
Human rights, good administration, equal opportunity and transparency convince us that it is no point wasting our precious time in our own country.
If you really miss our own country, earn and save more money in the host country and join the shiver hair program later on. If you have the money, any country will welcome you for sure.
In general, it is an educated society. People talk not shout, and people reason not accuse and more over it is a much cleaner and more beautiful place to live. I am pleased with my decision and have no regrets at all.
I am a female Chinese Malaysian, living in the Washington DC area in the United States. I have read many of the letters that often talk about foreign countries when the writers have no real knowledge of actually living in those countries.
Many draw conclusions about what those countries are like after hearing it from someone else or by reading and hearing about them in the media or after four years in a college town in those countries.
I finished STPM with outstanding results from the prestigious St. George's Girls School in Penang. Did I get a university place from the Malaysian government? Nothing. With near perfect scores, I had nothing, while my bumi friends were getting offers to go overseas.
Even those with 2As got into university. I was so depressed. I was my parents' last hope for getting the family out of poverty and at 18, I thought I had failed my parents. Today, I understand it was the Malaysian government that had failed me and my family because of its discriminatory policies.
Fortunately, I did not give up and immediately did research at the Malaysian American Commission on Education Exchange (MACEE) to find a university in the US that would accept me and provide all the finances. My family and friends thought I was crazy, being the youngest of nine children of a very poor carpenter. Anything that required a fee was out of our reach.
Based on merit and my extracurricular activities of community service in secondary school, I received full tuition scholarship, work study, and grants to cover the four years at a highly competitive US university.
Often, I took 21 credits each semester, 15 credits each term while working 20 hours each week and maintaining a 3.5 CGPA. A couple of semesters, I also received division scholarships and worked as a TA (teaching assistant) on top of everything else.
For the work study, I worked as a custodian (yes, cleaning toilets), computer lab assistant, carpet layer, grounds keeping, librarian, painter, tour guide, etc. If you understand the US credit system, you will understand this is a heavy load.
Why did I do it? This is because I learnt as a young child from my parents that hard work is an opportunity, to give my best in everything, and to take pride in the work I do. I walked away with a double major and a minor with honours but most of all a great lesson in humility and a great respect for those who are forced to labour in so-called 'blue collar' positions.
Those of you who think you know all about Australia, US, or the West, think again. Unless you have really lived in these countries, i.e. paid taxes, paid a mortgage, taken part in elections, you do not understand the level of commitment and hard work it takes to be successful in these countries, not just for immigrants but for people who have lived here for generations.
These people are where they are today because of hard work. (Of course, I am not saying everyone in the US is hardworking. There is always the lazy lot which lives off of someone else's hard work. Fortunately, they are the minority.)
Every single person, anywhere, should have the opportunity to succeed if they want to put in the effort and be accountable for their own actions. In the end, they should be able to reap what they sow.
It is bearable that opportunities are limited depending on how well-off financially one's family is but when higher education opportunities are race-based, like it is in Malaysia; it is downright cruel for those who see education as the only way out of poverty.
If you want to say discrimination is here in the US, yes, of course it is. Can you name a country where it doesn't happen? But let me tell you one thing - if you go looking for it, you will find it. But in Malaysia, you don't have to go look for it because it seeks you out, slaps you in your face every which way you turn, and is sanctioned by law!
Here in the US, my children have the same opportunity to go to school and learn just like their black, white, and immigrant friends. At school, they eat the same food, play the same games, are taught the same classes and when they are 18, they will still have the same opportunities.
Why would I want to bring my children back to Malaysia? So they can suffer the state-sanctioned discrimination as the non-bumis have for over 30 years?
As for being a slave in the foreign country, I am a happy 'slave' earning a good income as an IT project manager. I work five days a week; can talk bad about the president when I want to; argue about race, politics, and religion openly; gather with more than 50 friends and family when I want (no permit needed) and I don't worry about the police pulling me over because they say I ran the light when I didn't.
How about you.............?
First of all, are we (the non-malays, that is) really to believe that the government will abolish or tone down the New Economic Policy in the near future? We must be realistic, if you have the right to buy a property at a discount and have scholarships for your children, would you let go of these rights?
With Chinese population dwindling in Malaysia, what needs to be done depends on the Chinese themselves.
There is nothing wrong with the brain drain. In fact, we should encourage our children to move to Singapore, Taiwan, China etc. if we disagree with Malaysian government policies that are based on race and religion.
When it comes to the matter of the dwindling number of Chinese Malaysians, we should talk about quality, not quantity.
We should resolve why the Chinese-Malaysian population is reducing. Official figures have more than one million Chinese Malaysians emigrating over the past 25 years. Why did they emigrate? I am sure the government knows.
Straight A students can't get scholarships or university places. Nothing new, it is been that way for the past 35 years. Nowadays, even enlightened malay Malaysians are speaking up on this injustice. The MCA and Gerakan? Busy making money from private colleges.
What is so great about having TAR College or Utar which took more than 35 years of begging? Why should it be so difficult to set up an independent university when we have scores of public ones?
While we push young talented people away, other countries notably Singapore, the US and Australia welcome them with open arms.
Is it logical that we drive away our young talented ones and then invite retired Mat Sallehs to live here and exploit our low-cost of living?
Singapore's success in particular owes much to these ex-Malaysians or their descendants including Hon Sui Sen, Goh Keng Swee, Goh Chok Tong, just to name a few.
About 30 percent of top management in both Singapore's government and corporate sector are ex-Malaysians. We export them so that Singapore can compete with, and then whack us.
Korea and Taiwan, both way behind us in the 70s and 80s are now way ahead. Thailand is breathing down our necks.
Sadly, there is just no integrity in the nation's leadership.
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