Singapore's MAS Says Chief Didn't Say US Dollar Assets Are Irreplaceable
Singapore's central bank said both cyclical and structural factors can affect the pricing and confidence in US dollar assets, adding that its managing director didn't say earlier this week that dollar assets are irreplaceable.
The Monetary Authority of Singapore's Managing Director Chia Der Jiun cited the factors among three points he made at the Qatar Economic Forum on Tuesday, the central bank said in a statement that included an extended transcript of his comments.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
2 hours ago
- Yahoo
US tariffs, export controls not directed at Singapore, says Rubio in meeting with Vivian
SINGAPORE – Foreign Minister Vivian Balakrishnan has raised the impact of America's tariffs and export controls with US Secretary of State Marco Rubio, who said these were not directed at Singapore. 'Nevertheless, there is a lot of work in the next few months to ensure that there are no adverse secondary impacts on Singapore, so we will have to continue to engage the administration very, very closely in the months ahead,' said Dr Balakrishnan in a statement after they met on June 4. Dr Balakrishnan is in Washington on a working visit. He and Mr Rubio had a 'substantive and wide-ranging discussion' on bilateral ties and international developments, said the Ministry of Foreign Affairs (MFA). It added that Dr Balakrishnan registered the impact of the US' tariff policy on Singapore as a small and open economy that is highly dependent on trade, and the Republic's commitment to constructive engagement with the US to find mutually beneficial arrangements, including on pharmaceutical exports. In May, Deputy Prime Minister Gan Kim Yong said preferential or even zero tariffs on Singapore's pharmaceutical exports to the US are possible concessions that emerged in ongoing talks between the countries. However, the secondary impact has already hit the Republic, with Singapore's factory activity contracting for a second month in May off the back of US President Donald Trump's tariffs continuing to threaten the global economy. The majority of Mr Trump's sweeping global tariffs have been paused for 90 days, with the pause expected to expire at the start of July. On June 4, Mr Trump signed an order to double tariffs on steel and aluminium imports from 25 per cent to 50 per cent. During their meeting, Dr Balakrishnan and Mr Rubio also reaffirmed the longstanding and substantive bilateral relationship between the two countries in traditional areas of the economy, defence and security, as well as emerging areas such as critical technologies, energy and artificial intelligence. MFA said they also discussed other potential areas for collaboration, such as when the US holds the presidency for the Group of 20 major economies in 2026 and how Singapore can contribute to US priorities in meaningful and practical ways. In a separate statement, a spokesperson for Mr Rubio said he reaffirmed the strength of the US-Singapore strategic partnership and the shared commitment of both countries to a 'safe, secure and prosperous Indo-Pacific region'. Dr Balakrishnan is on a working visit to London and Washington from June 3 to 7, aimed at advancing bilateral cooperation in traditional and emerging areas of mutual interest. His visit to Washington – where he will meet senior administration officials, members of Congress and other senior personalities – is the first ministerial visit from Singapore to the US following both governments' new terms in office. He will also participate in a fireside chat hosted by US think-tank Hudson Institute, to discuss how the US can deepen engagement with Singapore and the region. Anjali Raguraman is a correspondent at The Straits Times. She covers politics, as well as consumer stories spanning tourism, retail and F&B. Source: The Straits Times © SPH Media Limited. Permission required for reproduction Discover how to enjoy other premium articles here
Bloomberg
5 hours ago
- Bloomberg
China Central Bank Extends Gold-Buying Streak for Seventh Month
China's central bank expanded its gold reserves for a seventh straight month in May, furthering its bid to diversify holdings despite ongoing price fluctuations. The People's Bank of China added 60,000 troy ounces of the metal to its reserves last month, taking the total to 73.83 million fine troy ounces, according to data released Saturday.
Bloomberg
7 hours ago
- Bloomberg
Singapore Kids Grapple With the Tyranny of Tutoring
Each week we'll bring you insights into one of Asia's most dynamic economies. If you haven't yet, please sign up here. This week, Audrey Wan reminisces about her education in Singapore and looks a the burden of private tutoring, while Gabrielle Ng examines the furor over an eyewatering bid for a medical clinic lease.
