Economics
Why Singapore, Malaysia, Vietnam Were Added to U.S. Currency Watchlist
- Treasury cites Singapore for current account, FX intervention
- MAS says it doesn’t manipulate currency for export advantage
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The U.S. Treasury added Singapore, Malaysia and Vietnam to a watchlist for currency manipulation, putting their foreign-exchange policies under scrutiny.
Singapore made the list because of its large current account surplus and net foreign currency purchases of at least $17 billion in 2018, equivalent to 4.6% of GDP, according to the Treasury. Malaysia and Vietnam were cited for their bilateral trade and current account surpluses.