Asia shies away from dollar bloc
The findings refute conventional wisdom that Asian currencies would gravitate towards a US dollar bloc after the economic crisis in the region. But unlike the renminbi and the ringgit, which adopted hard links to the dollar during the crisis, other regional currencies have avoided the adoption of dollar pegs, as some had expected, said the BIS.
Instead, the currencies are moving towards an effective exchange rate orientation similar to the Singapore dollar that shows more correlation to trading
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