Time for Asia to flex FX
Comparisons are being drawn between the Boca Raton communiqué and the Dubai statement from September 2003. In particular, the added emphasis that "more flexibility in exchange rates is desirable for major countries or economic areas that lack such flexibility" is seen as an implicit targeting of Asian currencies by the G7.
The irony will not be lost on the Asian central banks propping up G7 asset markets, but that have no say in the G7 process. However, this finger-pointing against Asia is not
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