Which Asian countries are currency manipulators? All of ’em

See the latest Australian dollar analysis here:

Macro Morning

As the US prepares its annual currency manipulators report, TD Securities takes at a look at who’s doing the dodgy:

Asia’s Currency Manipulators

•The US Treasury Report on trading partners’ FX policies is likely to be released soon, possibly this week. In the period since the timeframe covered in thelastReportwe think USD buying FX intervention has intensified.•We find that almost all Asian countries except Indonesia, Singapore and Philippines breached the first criteria, having a bilateral trade surplus with theUS of $20bn or over. Unsurprisingly China registered the biggest bilateral trade surplus with the US

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