Ruling multiracial Malaysia

There’s no need to wonder who should rule in Putrajaya: what’s more important is how they rule.

LEE Kuan Yew got it right. Whether it is Barisan Nasional or Pakatan Rakyat in Putrajaya, this country will still be under Malay rule.

So what, this aunty would like to ask?

For this citizen of Chinese descent, it is a given due to our history, racial composition and politics.

To quote Deng Xiaopeng, it doesn’t matter if it is a black or white cat, as long as it can catch the mice.

Similarly, I can accept Malay rule, regardless which side is in power, as long as it provides good government.

But as a voting citizen, I do have my hopes and expectations from my leaders.

You see, I am fine with Malay rule as long as the leaders cherish and respect the Constitution and continue to abide by the provisions in this document and not to tinker with it as they like.

I have no problem with Malay rule as long as those in power upholds Islam’s position as the official religion but will also respect other religions and protect the rights of all Malaysians to practise their faiths without discrimination, harassment or fear.

I am really okay with Malay rule as long as those who rule are not afraid of the past; who understand history should not be reinterpreted to make one community look better than others and who will acknowledge the contributions of other races in the building of this nation.

I will defend a leadership that will not use other races to invoke fear in the Malays by insinuating that these ungrateful interlopers are greedy and grasping and will steal the nation from under them if they are not careful.

I will support leaders who are strong and courageous to stand firm against those who preach hate and divisiveness and punish them appropriately, regardless of who these hate-mongers are.

I will cherish a Malay-led government that is fair to women and believe in gender equality; that will end all laws that continue to discriminate against women and treat them like simple-minded creatures.

I will admire a leadership that recognises the competition is beyond our shores and if we don’t stop bickering among ourselves and trying to frighten each other, our country might be left far behind, even within the region as all our neighbours get their act together and grow from strength to strength.

Hence, I will rejoice to have leaders who embrace meritocracy and will fight to nurture and retain all its talented citizens to benefit our society and nation and give us the edge on the international front.

I am all for a principled government that upholds the rule of law and that means, as defined by thefreedictionary.com, the government exercises “its power in accordance with well-established and clearly written rules, regulations, and legal principles” and “no branch of government is above the law, and no public official may act arbitrarily or unilaterally outside the law”.

In other words, a leadership that enforces laws with fairness, morality and justice.

I will support those in power who believe in educating and empowering its people and not keeping them stupid and poor in order to control them and making them dependent forever.

I will happily live under a leadership that nurtures a thinking society and does not fear dissent or those who challenge its authority through peaceful expressions be it in words, or through art, performances, music and film.

I will cherish a leadership that is inclusive with a consistent message to all, actively promotes true racial accommodation and acceptance and not play lip service to mere tolerance.

That is simply intolerable.

I will be in awe of leaders who can articulate and defend their policies by speaking with intelligence, backed up with quality research, facts and figures, and not insult the intelligence of others, especially those who question them.

And I can cheer them on proudly when they promote or defend Malaysia’s interests abroad because they can speak in crisp, clear English with authority, knowledgeably and wittily.

I will respect leaders who understand that becoming Yang Berhormats does not automatically elevate them to a status that demands obeisance from others.

Rather, they understand they are the people’s servants and respect must be earned.

I will honour a government that is led by leaders who are morally clean and upright, with zero tolerance for corruption and will not use underhanded means to enrich themselves and to keep themselves in power.

I am all for Malay rule as long as my leaders are committed to and believe in a multiracial, multi-cultural and multi-religious Malaysia and want to keep it this way.

SO AUNTY, SO WHAT? BY JUNE H.L.WONG contributed to this post:

> Aunty hopes August, being our Merdeka month, will be a good time to remember our shared history. Feedback to junewong@thestar.com.my or tweet #JuneHLWong. The views expressed are entirely the writer’s own. 

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Malaysian Ringgit drops to three-year low !

 

The ringgit tends to move more significantly lately because of domestic factors such as the fiscal situation, Says Saktiandi Supaat of Maybank in Singapore

KUALA LUMPUR: The ringgit dropped to a three-year low ahead of data that may signal the US recovery is gaining traction, bolstering the case for policymakers to pare stimulus that has fuelled inflows to emerging market assets.

Reports this week may show retail sales, manufacturing and housing starts increased last month in the world’s largest economy, according to Bloomberg surveys. Four Federal Reserve officials indicated greater willingness last week to begin tapering the central bank’s bond-buying programme.

Fitch Ratings cut Malaysia’s credit outlook in July, citing concerns over the country’s public finances.

“The general expectation is that these US numbers are going to be quite strong,” said Saktiandi Supaat, head of foreign exchange research at Malayan Banking Bhd in Singapore. “The ringgit tends to move more significantly lately because of domestic factors such as the fiscal situation.”

The ringgit depreciated 0.3% to 3.2595 per dollar as of 4.27pm in Kuala Lumpur, according to data compiled by Bloomberg. It touched 3.2613, the weakest level since July 1, 2010.

The one-month implied volatility, a measure of expected moves in the exchange rate used to price options, climbed six basis points to 7.89%, halting an eight-day losing streak.

Malaysia’s five-year government bonds were little-changed.

The yield on the 3.26% notes due March 2018 held at 3.50%, according to data compiled by Bloomberg.
The rate on 10-year securities fell by two basis points to 3.86%, the lowest level this month. — Bloomberg

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Malaysian currency weaken as foreign capital outflow

Foreign capital outflow a trend in emerging markets these days

The ringgit, which has been described as being in a tight spot, has fallen 6.6% since May 22, when the Fed first raised the spectre of an early stimulus withdrawal, reports the Singapore Business Times.

THE outflow of foreign capital from emerging markets is the trend these days.

The ringgit, which has been described as being in a tight spot, has fallen 6.6% since May 22, when the Fed first raised the spectre of an early stimulus withdrawal, reports the Singapore Business Times.

The ringgit has been trading at three-year lows against the US dollar, and month-long selling has pushed 10-year Malaysian government bond yields to their highest in 2½ years, says the report.

The reason is “an exodus of foreign capital, as investors reassess emerging markets most at risk from a withdrawal of US easy money policy,” it adds.

The Indian rupee has dropped more severely by 8.5% since May 22.

India has been described as being “caught in the middle”, as the United States ponders tapering off its quantitative easing policy, causing volatility in emerging markets, as investors pull money out.

India was enjoying a growth rate of 9% just two years ago. Now, the Reserve Bank of India is forecasting growth at 5.5% for the fiscal year ending next March, says the SBT.

Reliance on foreign capital has always been a dangerous game, and the authorities are well aware of that.

In some quarters, it is a known fact that foreign capital is not really welcome, as it wreaks havoc with its large movements.

Economies in South-East Asia, especially, have to be very cautious of foreign capital, as the impact can be severe once they withdraw their funds.

Fund flows are usually tracked by central banks, which will have an indication of the inflows and outflows.
The economy itself should be fundamentlly strong and able to withstand the shock of any outflow.

High economic growth is not really the objective in this case, but rather steady, resilient and broad-based growth.

Investors in emerging markets should be prepared for such a phenomenon and get ready with their asset allocation strategies.

Mark Mobius, the executive chairman of Templeton EM Group, was quoted by The Economic Times of India as saying that funds were expected to flow back into emerging markets.

“We think there will be a bounce-back because there has been too much negativity and that has pushed prices down to levels where there is a chance of an upsurge again,” he is quoted as saying.

The Australian central bank has cut rates for the eighth time in less than two years in a bid to improve sluggish growth, as a boom in mining investment over the past decade comes to an end, says the International Herald Tribune (IHT).

The Reserve Bank of Australia lowered its benchmark cash rate by a quarter of a percentage point to a record low of 2.5%, bringing the total cuts since November 2011 to 2.25 percentage points.

The Australian currency, which is closely watched by investors and parents with children studying in that country, has fallen about 15% against the US dollar since mid-April.

However, the currency remains well above where it has been for much of the past two decades, says the IHT.

The Australian dollar has rallied lately on positive economic data from China.

As new resource investments peter out, the Australian government is seeking to rebalance its economy, with strength in sectors such as tourism and manufacturing.

There are diverging trends in the Australian economy, where unemployment has edged up, with “signs of increased demand for finance by households”.

However, the pace of borrowing has remained “relatively subdued”.

It will be interesting to watch how the Australian dollar performs over the next few months and assess whether it is timely to invest in it.

Plain Speaking By Yap Leng Kuen contributed to this post.
Columnist Yap Leng Kuen sees a lot of investment opportunities in emerging markets.

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