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Lion City's roar turns into a miaow

Singapore's central bank signals monetary policy easing as the country becomes the first in Asia to fall into recession.
Singapore has fallen into its first recession since 2002 based on third quarter GDP data released on Friday, prompting the central bank to signal a loosening in monetary policy for the first time in five years.

The countryÆs central bank, the Monetary Authority of Singapore MAS, which uses the exchange rate rather than interest rates as its policy tool, said in a statement that it was shifting to a zero-percent appreciation stance in the currencyÆs nominal effective exchange rate NEER, in order to support the economy.

MAS, with about $170 billion of reserves, manages the Singapore dollar against an undisclosed trade-weighted basket of currencies. It last reined in appreciation in 2003 when...
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