MARKET DEVELOPMENT
Asian Currency May Be Used As Trading Currency For Palm Oil
Asian Currency May Be Used As Trading Currency For Palm Oil
21/11/2013 (Bernama) - An Asian currency may be used as a trading currency for palm oil.
Bursa Malaysia Derivatives Bhd Senior Executive Vice President for Product and Market Development, Jefferey Tan, said the frontrunner was the yuan because the commodity was heavily traded internationally, especially so between China and Malaysia.
He said the yuan was also getting more internationalised due to China's huge market.
"The yuan is becoming more internationalised and China has the aspiration to be the pricing centre because they are huge importer, huge consumer of a lot of commodities besides palm oil, so they want to gain a certain control over pricing," he said.
Tan said this in his talk on "Revising the Normal Price Scenario - Time for Palm Oil to Lead Other Edible Oil" at the Malaysian Palm Oil Board International Palm Oil Congress PIPOC 2013 here today.
Bursa Malaysia Derivatives Bhd Senior Executive Vice President for Product and Market Development, Jefferey Tan, said the frontrunner was the yuan because the commodity was heavily traded internationally, especially so between China and Malaysia.
He said the yuan was also getting more internationalised due to China's huge market.
"The yuan is becoming more internationalised and China has the aspiration to be the pricing centre because they are huge importer, huge consumer of a lot of commodities besides palm oil, so they want to gain a certain control over pricing," he said.
Tan said this in his talk on "Revising the Normal Price Scenario - Time for Palm Oil to Lead Other Edible Oil" at the Malaysian Palm Oil Board International Palm Oil Congress PIPOC 2013 here today.