The writer is FX strategist at Moore Capital Management
For more than 20 years, roughly a dozen Asian central banks, including those of China and Japan, have intervened to suppress the value of their currencies.
The foreign exchange reserves held by a dozen Asian nations now total more than $6.5tn. In 2020 alone, they increased by approximately $500bn as these countries sought to mitigate the economic impact of the pandemic.
Given the need for sustained stimulus in the US (and the entire western world), the new US Treasury secretary Janet Yellen should make it clear that currency manipulation will no longer be tolerated.
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