East Asia's Foreign Exchange Rate Policies (CRS Report for Congress)
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| Release Date |
May 26, 2017 |
| Report Number |
22860 |
| Authors |
Michael F. Martin |
| Source Agency |
Congressional Research Service |
Summary:
According to the International Monetary Fund (IMF), monetary authorities in East Asia (including Southeast Asia) have adopted a variety of foreign exchange rate policies, varying from Hong Kong's currency board system which links the Hong Kong dollar to the U.S. dollar, to the "independently floating" exchange rates of Japan, the Philippines, and South Korea. Most Asian monetary authorities have adopted "managed floats" that allow their currency to fluctuate within a limited range over time as part of a larger economic policy. Regardless of their exchange rate policies, monetary authorities on occasion may intervene in foreign exchange (forex) markets in an effort to dampen destabilizing fluctuations in the value of their currencies.
