Asia’s foreign exchange policies

Asian central banks have intervened in the currency markets and forged regional alliances to maintain their foreign exchange reserves and help exports.

Accusations against Asian policymakers of perfidious currency manipulation to help their exporters gain price advantages are commonplace, and have helped engender or justify protectionist rhetoric and reactions from governments in Europe and the US. 

While Western governments have characterised foreign exchange intervention by Asian central banks as manipulation, giving their exporters an unfair advantage, Asian policy makers have responded that their actions are motivated by a reasonable attempt to contain excessive currency ...