While squabbling governments pull each others’ pigtails, Singapore is quietly engaging in some grown-up policymaking. By widening the trading band of the Singapore dollar against the US dollar, and modestly steepening its appreciation curve, the Monetary Authority is inviting a stronger local currency. At a time when developing nations are mostly resisting appreciation, and many developed economies are pursuing competitive devaluation through monetary debasement, this is bold. After bouncing through the echo chamber of the forex markets, it helped push the dollar to a new trade-weighted low for the year. But it is the right thing to do.
當爭執不休的各國政府揪住彼此的小辮子不放時，新加坡悄悄做出了成年人的決策。新加坡金融管理局(Monetary Authority of Singapore)擴大了新加坡元兌美元交易區間，使其升值曲線變得略為陡峭，這是在引誘本幣走強。當發展中國家大多抵制本幣升值，而許多發達經濟體紛紛采取競爭性貨幣貶值政策時，新加坡此舉可謂大膽。該決定在外匯市場中引發廣泛沖擊波，最終使美元貿易加權匯率降至全年新低。但這么做是對的。