As goes Singapore, so goes China? That is what currency markets are debating following aggressive anti-inflation moves by the Singapore monetary authorities that prompted fresh speculation about the chances for a renminbi revaluation.
Singapore re-set the band in which its currency trades and said it would allow gradual appreciation. This was a double whammy designed to calm the booming economy, which grew 13.1 per cent year on year in the first quarter.
Today China releases a flurry of data, including gross domestic product and inflation, which are expected to show strong growth and rising prices. Its central bank is already focusing on inflation and in February it raised reserve requirements.
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