Banks in Singapore will likely abandon their reference rate for the Malaysian ringgit, a person with knowledge of the matter told Reuters, handing a victory to Malaysia's central bank as it seeks greater control over its currency market.
Singapore's foreign exchange market has come under pressure for change since regulators, spurred by a global scandal over bankers rigging key lending rates, ordered reviews last autumn into various rates set by the city-state's banking association.
The probes uncovered attempts by traders to manipulate Singapore's rate fixings for certain currencies, fuelling the ire of central bankers in Malaysia and Indonesia who for years have held concerns about the impact of offshore speculation on their own spot currency markets. Full story
