| The thing about currency wars is that somebody has to lose them. Singapore’s was merely the latest in a long list of central banks seeking to use the foreign exchange market as a monetary policy lever when overnight it announced it was reducing the pace at which it will allow the Singaporean dollar to appreciate.
Singapore’s move follows on the heels of rate cuts by the Indian, Canadian and Turkish central banks and the European Central Bank’s huge round of bond purchases announced last week. Not to mention the Bank of Japan 's warning that it could seek to expand its own already vast quantitative easing program...............................................Full Article: Source
|