Which Asian countries are currency manipulators? All of ’em

Thursday 15 April 2021

As the US prepares its annual currency manipulators report, TD Securities takes at a look at who’s doing the dodgy:

Asia’s Currency Manipulators

•The US Treasury Report on trading partners’ FX policies is likely to be released soon, possibly this week. In the period since the timeframe covered in thelastReportwe think USD buying FX intervention has intensified.•We find that almost all Asian countries except Indonesia, Singapore and Philippines breached the first criteria, having a bilateral trade surplus with theUS of $20bn or over. Unsurprisingly China registered the biggest bilateral trade surplus with the US

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.