# State polls played minor role in weakening ringgit, say economists | Scoop

> Economists said the August 12 state elections had a minor effect on the ringgit's recent decline, which they attributed more to the weaker yuan and concerns about China's economy. A weaker ringgit could raise import costs for Malaysian industries.

- Date: 2023-08-19 · published 2023-08-19T12:00:00.000Z
- Category: macro · region Malaysia · magnitude low
- Page: https://feedsoft.ai/events/34850-state-polls-played-minor-role-in-weakening-ringgit-say-economists-scoop
- Commodities: [Malaysian Ringgit (MYR per USD)](https://feedsoft.ai/c/USDMYR.md), [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

Yuan weakness spilling into the ringgit raises the cost of imported inputs for Malaysia, and the China link is a key driver for regional currency and commodity demand.

## Read by commodity

- USDCNY: bullish ▲
- USDMYR: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2022-04-20 | [Ringgit down against US dollar for fourth session as weakening global sentiment prompts risk aversion \| Malay Mail](https://feedsoft.ai/events/42103-ringgit-down-against-us-dollar-for-fourth-session-as-weakening-global-sentiment.md) | +2.5% | +5.4% |
| USDCNY | 2017-03-09 | [China's yuan weakens, prompting dollar sales by state banks](https://feedsoft.ai/events/72221-china-s-yuan-weakens-prompting-dollar-sales-by-state-banks.md) | +0.0% | -0.3% |
| USDCNY | 2018-09-27 | [World’s two largest economies diverge as China leaves key interest rate unchanged in wake of US Fed cut \| South China Morning Post](https://feedsoft.ai/events/63271-world-s-two-largest-economies-diverge-as-china-leaves-key-interest-rate.md) | -0.1% | +1.0% |
| USDCNY | 2018-07-30 | [Renminbi/Chinese Yuan Depreciates as a Result of Economic Weakness and Loosening Policies - ActionForex](https://feedsoft.ai/events/64272-renminbi-chinese-yuan-depreciates-as-a-result-of-economic-weakness-and.md) | +0.3% | -0.1% |
| USDCNY | 2022-05-11 | [How PBOC might respond to China's weakening yuan](https://feedsoft.ai/events/10987-how-pboc-might-respond-to-china-s-weakening-yuan.md) | +0.0% | -0.8% |

## Sources

- scoop.my: https://www.scoop.my/news/104694/state-polls-played-minor-role-in-weakening-ringgit-say-economists/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.