27 Feb '18, 8am

[Mothership] S’pore can hoard smaller reserves if fundamentals strong, economist Donald Low explains https://t.co/4wUfi0XJSC

“In this scenario, having sufficient reserves obviously helps to ward off speculators. And if our fundamentals are strong, it wouldn’t cost us a lot of reserves to deter speculators from betting against the Singdollar. They’ll quickly learn that the Singdollar isn’t like other (regional) currencies, i.e. they’d soon learn to distinguish the Singdollar from other currencies that are overvalued relative to their economic fundamentals. But even in this scenario, when our neighbours are forced to depreciate, it’s not wise to keep the Singdollar as strong as it was before the crisis, as we would quickly lose export competitiveness. So during the Asian crisis, the Singdollar was allowed to weaken against the major currencies (but obviously by much less than the rest of the region).”

Full article: https://mothership.sg/2018/02/donald-low-reserves-chan-ch...

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