Singapore’s currency manipulation derives primarily from its public pension system?
I refer to the Peterson Institute for International Economics’ report “Currency Manipulation Update for 2015-17” (Apr 3, 2018).
It states that “Although down from its peak about a decade ago, currency manipulation continues to occur. In recent years the largest manipulators have been Singapore and Switzerland, with average annual purchases in 2016 and 2017 of about $90 billion and $80 billion.
As a group, the financial centers are the largest and most consistent manipulators in recent years. In dollar terms, Switzerland had the world’s largest net official flows in 2016 and Singapore had the largest such flows in 2017.
Singapore’s manipulation derives primarily from its public pension system, which collects high payroll taxes from workers and invests them entirely overseas through a sovereign wealth fund to back future pension obligations.”
Leong Sze Hian