Singapore in surprise tightening

singaporeskyline

The Monetary Authority of Singapore (MAS) caught analysts off guard on Wednesday, announcing that it would recentre its exchange rate policy band at the current rate, meaning an upward revaluation of its currency of between 0.6% and 1%.

The Singapore dollar leapt 1.3% on the news, gaining the most it has in a year against the greenback. The central bank said also that it would "shift the policy band from that of a 0% appreciation to a modest and gradual appreciation."

The move, which in effect c

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