On May 29th, the Central Bank of Singapore announced that it was not engaged in currency manipulations after the United States included the country to the list of trading partners.
Singapore along with eight other US trading partners has been added to the list of countries whose exchange rates will be monitored and macroeconomic policies will be analysed.
The US Treasury reported a large surplus of Singapore’s current account as well as foreign exchange intervention operations.
In its turn, the Monetary Authority of Singapore (MAS) denies any currency manipulations in order to gain a competitive export advantage. MAS argues that monetary policy is linked to the currency exchange rate and the most important goal is to ensure medium-term price stability.