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Singapore to continue monetary policy amid China's currency reform

06-21-2010 15:51 BJT

SINGAPORE, June 21 (Xinhua) -- The Monetary Authority of Singapore (MAS) said on Monday in a statement that its policy of a modest and gradual appreciation of the Singapore dollar announced in April this year remains unchanged and is appropriate against underlying economic conditions.

MAS said that the Singapore dollar exchange rate regime will not be affected by China's plan to reform its Renminbi policy.

On the weekend, China's central bank said it will proceed further with reform of the renminbi exchange rate regime and enhance its exchange rate flexibility.

Replying to queries, Singapore's central bank said it manages the Singapore dollar against a weighted basket of currencies of the country's major trading partners, which allows Singapore to accommodate the changes within the existing framework of its exchange rate system.

However, MAS added that it will continue to be vigilant over developments in the external environment and their impact on its domestic economy and stands ready to curb excessive volatility in the Singapore dollar.

Editor:Du Xiaodan |Source: Xinhua

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