Malaysia Declares State of Emergency

Malaysia's king has declared a state of emergency as it tackles the deteriorating coronavirus situation. "His Royal Majesty has given consent for the declaration of emergency to be carried out as a proactive measure to contain the Covid-19 pandemic," said the palace in a statement.

• The move comes amid internal brinkmanship in the United Malays National Organisation (UMNO), Malaysia's largest ruling party, on whether or not to hold a snap election by March. A final decision is expected by January 31, the date of the general assembly.
• Prime Minister Muhyiddin has pontificated that an election should only be held after the pandemic is under control. Indicators from the region suggest the situation is getting worse, with infections hitting a record and the health system under significant strain.
• The announcement has seen MYR weaken, USD/MYR last up 210 pips at 4.074, the highest level since Dec 4.