KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
Trading in the Chinese yuan versus the US dollar surged to new heights in April 2025, outpacing other major currency pairs as market volatility tied to US trade policy rattled global investors, according to the Bank of England’s latest FX turnover survey.
Dollar-Yuan Takes the Spotlight
Daily average turnover for the USD/CNY pair in London jumped 42% to $182.6 billion since October 2024.
The increase was one of the largest among all currency pairs, outpacing US dollar trades with the Australian and Canadian dollars.
USD/CNY now makes up 4.5% of London’s total FX volumes, up from 4%, reflecting its growing importance.
FX Market Hits Record Levels
London’s foreign exchange trading overall surged to a record high in April as President Donald Trump’s new tariff threats disrupted markets.
Compared to April 2024, total FX turnover rose 20%.
Since April 2008, turnover has grown from $1.815 trillion to $4.045 trillion — more than double in just over a decade.
A Win for China’s Currency Goals?
This rise in yuan trading aligns with China’s long-standing efforts to increase the global usage and appeal of the renminbi, which is still a relatively underused global reserve currency.
Market Leaders Stay Strong
Despite the yuan’s gains, the top three most traded pairs in London — euro-dollar, dollar-yen, and pound-dollar — held steady in their market share rankings.
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