The chief executive of Singapore state-owned investor Temasek has warned that the weakness of the US dollar is making American assets less attractive for international investors.
Dilhan Pillay said that Temasek, which manages S$434bn ($333bn) globally, had increased its dollar hedging this year in response to the greenback’s fall compared with other currencies. But he warned the cost was becoming prohibitively expensive.
“The Chinese are hedging, the Europeans are hedging . . . it’s come to a point now where the cost of my hedge is becoming too much, that I have to therefore think about a natural hedge,” said Pillay, speaking at a Bloomberg event in Singapore on Wednesday.
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