We are lowering our 2021 GDP growth forecast for the Philippines due to the worsening virus situation and the recent deterioration in the economic data.
A rapid increase in foreign currency intervention in Taiwan – FX reserves have increased by 15% over the past 12 months – means it now meets all three criteria laid down by the US Treasury to be labelled a currency manipulator. A decision will be made when the US Treasury issues its next semi-annual report, which could be as early as next month. Given the importance of exports to its economy, it seems unlikely Taiwan would agree to a major change in its exchange rate policy.
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