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Malaysian PM Mahathir proposes new regional currency based on gold TOKYO: Malaysian Prime Minister Mahathir Mohamad on Thursday (May 30) proposed to create a new “special currency” for the region based on gold, replacing the existing currency trading regime. Speaking at a dialogue session at the 25th International Conference on The Future of Asia (Nikkei Conference), he claimed that a regional currency based on gold would be more stable. The prime minister said that by pegging the new currency to gold, it could be used to evaluate the import and export activities among East Asian countries. “We can make settlement using that (new) currency. That currency must be pegged to the local currency as the exchange rate, which is something that can be related to the country’s performance,” he said. “That way we know how much we owe, how much we have to pay in the special currency of East Asia." The new currency could also be extended to countries outside East Asia, he said. Dr Mahathir noted that the global market is now tied to the US dollar, and this makes the currency prone to manipulation. “Just because that one country is affected, there is infection to the other countries. Malaysia was very stable way back in 1997 (during the Asian financial crisis) ... but because of the problem occurring in Thailand, they said we must peg the Malaysian currency (to the US dollar),” he recounted. “What happened? The currency traders sold the Malaysian currency and the value of Malaysian currency depreciated.” “This currency trading is not something that is healthy because it is not about the (economic) performance of countries but it is about manipulation.” When asked if the Japanese yen or Chinese yuan could be used as the common currency in the region, the prime minister replied: “If we are trying to promote our own currency, there will be conflict." “But if we have a common currency for East Asia, a common trading currency that is not used in each country but for the purpose of settlement trade only, then there will be stability,” he said. “Trying to promote the yen or the yuan is not the way to go.” US SHOULD STOP LABELLING OTHER COUNTRIES: MAHATHIR Earlier this week, the United States added Malaysia to a watchlist of trading partners for currency practices, citing its foreign exchange intervention operations. Malaysia’s central bank has refuted the claim. In a statement on Wednesday, it said the Malaysian economy remains resilient, underpinned by strong economic fundamentals, including the flexibility accorded by a floating exchange rate and strong external balance. "Malaysia supports free and fair trade, and does not practise unfair currency practices," it said. Other countries, including Singapore, China, Germany, Japan, South Korea and Vietnam were also added to the list. On Thursday, Dr Mahathir hit out at the US for “labelling countries”. “The US is fond of labelling that country is no good, this country is no good and telling countries on ways to conduct their business,” he said. “You are not democratic. That is not for any single power to decide. If you want to live in a united world, stable world, we must resort to sustainability through agreement between all nations that have a stake in that problem." Read more at https://www.channelnewsasia.com/news/asia/malaysia-mahathir-new-regional-currency-gold-11579422 so is Dr M going kee chiu and spearhead the new regional currency ?

Need a bit of advice, please. Had a bit of AUD$ in a bank (which shall remain nameless for now) and am absolutely fed up with their (lack of) service. Would like to transfer that out into a new foreign currency fixed deposit with another bank while I wait for the AUD to (hopefully) pick up in strength vs the SGD. I'm looking for a tenure of 6 months (min) to 12 months (max). Which bank(s) would you recommend based on: 1) best interest rate for AUD FCFD? 2) least hassle in starting up an acct? 3) least overheads (fees) in starting up an acct? I intend to put the $$ in via a demand draft, but I can also do a wire transfer (some fees involved with the latter). The amount is not a lot but it should be more than enough to meet the "minimum" criteria for most FCFD (over $10k AUD). I'm just looking for a good place to park this small amount for a short time. I've only explored DBS in detail right now - they're giving just over 4% for a 6 month tenure, with 0.125% fees (min $10, max $120) to start the A/C. Maybank seems to be giving better rates on their website (4.75% for AUD with 12 month tenure), but I haven't called them up. Could those with experience with other banks please advise? Thanks in advance.

http://www.channelnewsasia.com/news/singapore/for-sg50-a-new-range-of-s/2057720.html?cid=fbsg SINGAPORE: Prime Minister Lee Hsien Loong unveiled a set of commemorative currency notes to celebrate SG50 on Tuesday (Aug 18). The set includes a S$50 polymer note and five S$10 polymer notes. The notes’ designs drew inspiration from significant milestones and achievements in Singapore's history, the multiracialism that defines Singapore as a nation and the values and aspirations that underpin Singapore's progress. For example, the S$50 note highlights Singapore's history, transformation and future. It shows the late Mr Lee Kuan Yew shouting 'Merdeka!' - the rallying cry of Singapore's independence struggle. However, the current Prime Minister said: "Even as we reflect on our past we must also look to the future." Hence the addition of a note depicted Singapore's latest new town - Punggol - which he said symbolises the continuing renewal of our homes and communities. Mr Lee said this is Singapore's responsibility: To build on the legacy of our pioneers and carry on their vision to make Singapore our best home. The notes make use of the colour gold, reflecting Singapore's jubilee. Both the S$50 and S$10 notes have security features that are the first of their kind in the world to be used on a currency note. The security stripe in the S$50 note has a unique see-through feature with image movement effects that give depth to the image of Mr Lee Kuan Yew. The SG50 logo also has colour-switching effects, with the year flipping from 1965 to 2015. The notes were designed by four local artists and designers. The public can exchange the SG50 commemorative notes at face value at branches of nine major retail banks from Aug 20. They include DBS Bank/POSB, Oversea-Chinese Banking Corporation, United Overseas Bank, Citibank, Standard Chartered Bank, Bank of China, HSBC, Malayan Banking Berhad, Industrial and Commercial Bank of China. To ensure that everyone has an opportunity to exchange the SG50 commemorative notes, there will be a quota of five sets of notes per transaction per individual. BANKS EXTEND HOURS United Overseas Bank (UOB) and DBS said on Tuesday that they will be extending banking hours and setting up dedicated queues for the exchange of the commemorative notes. Both banks will also provide priority assistance for the elderly and those with special needs. UOB will deploy more customer service officers to help answer questions and to take orders from customers who are in queue. At some DBS/POSB outlets located near food and beverage outlets, note-exchangers will be offered complimentary beverages in the event that their wait is longer than expected, the bank said. Banking hours at all full-service DBS/POSB branches will be extended until 8pm on weekdays from Aug 20 for two weeks. For UOB, 26 branches located in heartland areas and key town centres will have their hours extended to 7pm on weekdays during the first week of the exchange period. UOB customers can also reserve their commemorative notes online at www.uob.com.sg/sg50notes from Aug 20 onwards and collect them later at a pre-determined branch of their choice, UOB added. - CNA/ek

hmm... Trying to diverse my profile in this versatile mkt. I have some equities, some bond , some pty, some gold.. I was thinking of putting some $$ into FX FD, was intenting to put into AUD.. but was wondering if HKD is good also. Rate given by SC quite attractive now. Any advise from the financial experts in the forum :)

Hi all handsome bros and pretty sis, Anyone knows of any good money changer with very very very ''no horse run'' buying rates e.g. exchanging sing dollar to us dollar. Appreciate your great help! Thanks, XOXO! Love, Rochelle.

The swiss go to the polls this weekend (30 Nov 2014) to vote on whether their central bank (the Swiss National Bank) should increase its gold holdings to 20 percent from the existing 7 percent. A "yes" result will send gold prices soaring and also signals the start of the restoration of the gold standard in the global monetary system. What are your thoughts on this? http://www.cnbc.com/id/102223258#.

Bro, Apart from ebay, where else I can sell away old Singapore curency??

Just found out, we got the most valuable and expensive banknotes in the world. 2 out of top 3 in fact. World's most expensive banknote Draw your own conclusions as to why we need $10,000 note.

interesting read... conspiracy behind japan's own QE? Japan_Sham_Currency_War.pdf

Saw the TV news....wow....the FT thief steal a lot of RMB$ currency and China Gold bar from a rich bangalow owner. The gold bars, got the 'China Gold' wording in Chinese! And those stacks and stack of RMB monies. See already, I finally believe that the truely rich does keep lots of spare cash in their homes! I very envious.

http://sg.finance.yahoo.com/news/Japan-int...353846.html?x=0 Japan playing with fire. Everytime when gov. intervenes the forex market directly, they loses big time. Speculators love to beat government in situation like this. Just like hackers love to beat the companies when they say their system is unhackable. With this, I am seeing a fnancial crisis coming sooner than expected. USD is going to collapse, EuroZone is going to go down with the debt crisis (they will never be able to bail out Italay and Spain like they did with Greece) and BOJ is going to go broke. This is what happen when money is not back by anything and is just a free printing press.

tink now good time to buy some USD and M'sian Ringgit. any other advice??? how much to buy? SGD1000 or SGD500 eahc time??

Is it possible for me to do a wire transfer to a foreign account using USD, in my case, transferring to a thailand guy who gave me a US Bank account. He want me to transfer the money via USD wire transfer. I googled awhile and still quite confuse about it. Lets say I just have a savings account, how to I go about transferring the money? I can't use iBanking right? Also there are wire transfer fees to be paid right? Sorry for asking such a noob question! TIA!

I have been advising people to avoid Dual Currency Investment for the past year. My views are stated in this FAQ: http://www.tankinlian.com/faq/duali.html This type of investment allows you to bet on currency movements. You stand the chance of a big loss when the currency moves against you. You only get a small return (in the form of a higher interest rate) when currency moves in your favour. Recently, the AUD dropped by 30%. Those who were "long" in AUD lost 30%. But those who were "short" in AUD did not gain 30%. They only gain 1% or 2% in higher interest. The bank keeps the remainder of the profit. I learned to my horror that unsophisticated investors were asked to invest in "leveraged" dual currency investments. The bank lends them 4 times of their investment, so that they can take 5 times of the risk. If the currency drops by 20%, their total investment is wiped out (i.e. 20% X 5 times). The relationship manager of the bank who sold the leveraged DCI earned 5 times of the commission on this product. But, it wiped out the total savings of the investors. Someone told me that her mother lost $500,000 on this type of investment. Another retiree told me that he lost $150,000 in 2 months, out of the invested sum of S200,000. Do not invest in any of these products. Be careful about the advice of the relationship managers. Now I know that why my RM can afford to drive a bigger car than me. Do you the difference between a finacial banker and a pigeon today? The pigeon can STILL make a "deposit" on a BMW. I tried to get cash from the ATM today but it said "insufficent funds". I dont know if that meant them or me.

Hello brudders here, trying to seek some advice from you guys. Is Foreign Currency Time Deposit safe? relatively low risk? Why do certain countries offer a higher interest like NZ?

I'm looking at USD and NZD dollars. Interest rate at 4% and 8% p.a respectively.

hi anyone changed to NZ anywhere before? in singapore of course thanks went to boonlay, jurong east and marina no NZ currency.