The majority of Asian governments are tightening monetary policy. In addition China is trying to prevent inflationary pressures by raising the interest rate. Apparently, there will be a lot more monetary tightening in the Asian countries. This seems to be the situation since Asian currencies are appreciating very swiftly, apparently resulting from interest rate increases. Asian economies are heavily based on exports. Therefore, currency price increases means loss of global competitiveness, markets and profits.
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