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Asian economy to remain resilient amid trade war: Zeti
Published on: Thursday, July 12, 2018

Kuala Lumpur: The Asian economy, including Malaysia, will remain resilient amid the ongoing trade war between the United States (US) and China, said former Bank Negara Malaysia Governor, Tan Sri Dr Zeti Akhtar Aziz.

Commenting on the latest news on the escalating trade conflict whereby the US in its latest move threatened to impose fresh tariffs on another US$200 billion of Chinese goods, she said this kind of global trade war (between the US and China) did not benefit anyone.

"But I believe in the resilience of the Asian economy and we will demonstrate the resilience going forward," she told reporters after the Council of Eminent Persons meeting at Menara Ilham here Wednesday.

In the latest spat on the imposition of fresh tariffs by Washington, Beijing has vowed to retaliate.

The US Trade Representative released a new round of proposed tariffs, listing 200 pages of items valued at US$200 billion which included baseball gloves, handbags and digital cameras.

This latest move came just two days after US$34 billion duties in good and services came into effect.

Meanwhile, Bank Negara Malaysia's (BNM) decision to maintain the Overnight Policy Rate (OPR) at 3.25 per cent Wednesday saw mixed reaction from among finance and banking stocks.

At 3.20pm, the Finance Index stood at 16,541.17, up 19.71 points.

Maybank gained two sen to RM9.16, Public Bank soared 32 sen to RM22.86, Hong Leong Bank rose six sen to RM18.34, and AMMB Holdings added one sen to RM3.84.

However, Hong Leong Financial Group lost 20 sen to RM17.64, RHB Bank shed nine sen to RM5.24, Alliance Bank Malaysia fell four sen to RM3.99, BIMB Holdings trimmed one sen to RM3.78 while CIMB was flat at RM5.35. – Bernama

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