This study investigates the information flow between U.S. Dollar-Ringgit spot, forward and Nondeliverable Forward (NDF) exchange rates during the pre and post-U. S. Quantitative Easing (QE) exit. Our results show: First, there is a robust unidirectional causality from NDF to spot and NDF to forward in the post-QE period; Second, Malaysian Government Securities (MGS) has a vital role during the QE period while international reserve precedes the spot, forward and NDF exchange rates in the post-US QE exit. Our results reaffirm the policy measures taken by the Central Bank in regulating the NDF market. Our finding suggests that: First: MGS and Reserve are essential variables that can be used to counter speculation from the offshore NDF market; and Second, right policy stance must be communicated by the Central Bank to the market participants to avoid excessive volatility to the domestic currency which will affect the real economy

中文翻译：

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量化宽松和量化宽松后退出期间美元-林吉特即期，远期和NDF之间的动态联系

这项研究调查了在美国量化宽松（QE）之前和之后退出期间，美元-林吉特即期，远期和不可交付的远期（NDF）汇率之间的信息流。我们的结果表明：首先，在量化宽松后时期，从NDF到现货，从NDF到远期存在强大的单向因果关系；其次，马来西亚政府证券（MGS）在量化宽松期间起着至关重要的作用，而国际储备在美国量化宽松后退出之前即期，远期和NDF汇率之前。我们的结果重申了中央银行为规范NDF市场而采取的政策措施。我们的发现表明：首先：MGS和Reserve是基本变量，可用于抵制离岸NDF市场的投机；其次，