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Yahoo
24-05-2025
- Business
- Yahoo
Singapore's MAS says chief didn't say US dollar assets are irreplaceable
By Andrea Tan (Bloomberg) – 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. 'Markets are pricing in slower growth, the prospect of higher inflation and questions over the fiscal trajectory in the US, as well as rotation into other regions and hedging of overweight exposures,' the MAS said. 'The outlook for the structural advantage of USD assets is relatively stable for now,' and whether this changes depends on the fiscal trajectory and policies in the US. Speaking in Qatar on May 20, Chia said that dollar-based assets are 'the dominant, safe assets for use in the financial system, deeply embedded. The $28-trillion Treasury market is fundamental and systemic to the global financial system and there is no alternative for this point.' More stories like this are available on ©2025 Bloomberg L.P.
Straits Times
23-05-2025
- Business
- Straits Times
MAS says chief didn't say US dollar assets are irreplaceable
MAS managing director Chia Der Jiun said that while there may be near-term volatility, he was optimistic of a relatively stable outlook for dollar-based assets. PHOTO: BLOOMBERG 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 May 20, the central bank said in a statement that included an extended transcript of his comments. 'Markets are pricing in slower growth, the prospect of higher inflation and questions over the fiscal trajectory in the US, as well as rotation into other regions and hedging of overweight exposures,' the MAS said. 'The outlook for the structural advantage of USD assets is relatively stable for now,' and whether this changes depends on the fiscal trajectory and policies in the US. Speaking in Qatar on May 20, Mr Chia said that dollar-based assets are 'the dominant, safe assets for use in the financial system, deeply embedded. The US$28-trillion Treasury market is fundamental and systemic to the global financial system and there is no alternative for this point.' BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
23-05-2025
- Business
- Business Times
MAS says chief didn't say US dollar assets are irreplaceable
[SINGAPORE] 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 did not say earlier this week that US 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 (May 20), the central bank said in a statement that included an extended transcript of his comments. 'Markets are pricing in slower growth, the prospect of higher inflation and questions over the fiscal trajectory in the US, as well as rotation into other regions and hedging of overweight exposures,' the MAS said. 'The outlook for the structural advantage of USD assets is relatively stable for now,' and whether this changes depends on the fiscal trajectory and policies in the US. Speaking in Qatar on May 20, Chia said that US dollar-based assets are 'the dominant, safe assets for use in the financial system, deeply embedded. The US$28-trillion Treasury market is fundamental and systemic to the global financial system and there is no alternative for this point.' BLOOMBERG
Business Times
23-05-2025
- Business
- Business Times
Cyclical, structural factors can affect current advantage of US dollar assets although outlook is stable for now: MAS chief
[SINGAPORE] The outlook for the structural advantage of US dollar assets looks to be relatively stable at present, said Monetary Authority of Singapore (MAS) chief Chia Der Jiun at the Qatar Economic Forum on Tuesday (May 20). However, he cautioned that whether this continues to be the case depends on the fiscal trajectory and policies in the US which may reinforce or take away confidence of market participants. Earlier on May 16, Moody's downgraded the US' credit rating from 'AAA' – the highest rank for credit reliability – to 'AA1', citing rising fiscal deficits and higher interest payments. Moody's was the last agency to have a triple A rating on US credit. Together with the US dollar weakening this year and 30-year yields on US debt rising, there have been questions over whether US assets are still a safe haven, noted the Bloomberg moderator at the forum. MAS said that Chia had made the following three points at the Qatar Economic Forum:
Business Times
23-05-2025
- Business
- Business Times
Outlook for US dollar assets remains stable for now, but investors must watch the market: MAS chief
[SINGAPORE] The outlook for US dollar assets remains stable for the moment although in the near term, the market bears watching, said Monetary Authority of Singapore (MAS) chief Chia Der Jiun at the Qatar Economic Forum on Tuesday (May 20). Earlier on May 16, Moody's had downgraded the US' credit rating from 'AAA' – the highest rank for credit reliability – to 'AA1', citing rising fiscal deficits and higher interest payments. Moody's was the last agency to have a triple A rating on US credit. Together with the US dollar weakening this year and 30-year yields on US debt rising, there have been questions over whether US assets are still a safe haven, noted the Bloomberg moderator at the forum. MAS said that Chia had made the following three points at the Qatar Economic Forum:
