TOKYO - Singapore is not a currency manipulator, visiting Singapore Deputy Prime Minister Heng Swee Keat said on Friday (May 31), in his first comments on the United States placing the country on its currency watch list with eight others, including China and Japan.. Read more at straitstimes.com.
TOKYO - Singapore is not a currency manipulator, visiting Singapore Deputy Prime Minister Heng Swee Keat said on Friday , in his first comments on the United States placing the country on its currency watch list with eight others, including China and Japan.
Speaking to Singapore journalists at the end of a three-day visit to Tokyo, he said the Monetary Authority of Singapore is unique in how it uses the exchange rate as its monetary policy tool, unlike most central banks that use interest rates. The US said it will monitor countries on the list to see if they are purposely devaluing their currencies to gain a trade advantage.Holding it deliberately low will cause hyperinflation, while keeping it artificially high will result in severe deflation, he added.
"The economy goes through cycles, and changes in exchange rates and fiscal policy help us to dampen the amplitude of those cycles," he said.
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