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Malaysia's c.bank to adopt new spot fixing system for dollar/ringgit trade

Reuters

KUALA LUMPUR, June 15 (Reuters) - Malaysia's central bank announced on Wednesday a new spot fixing methodology for U.S. 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). (Reporting by Joseph Sipalan; Editing by Jacqueline Wong)