The Wall Street Journal, 7 May 2009, COSTAS PARIS and P.R. VENKAT
SINGAPORE -- Singapore is ready to intervene in the currency market to brake the local dollar's rise, a person familiar with the situation said Thursday, while the central bank reaffirmed there is no change in its policy for the currency.
The Monetary Authority will buy the U.S. dollar "if it falls below S$1.4700, around S$1.4690," the person familiar with the situation said.
He said S$1.4700 to the U.S. dollar roughly equates with the strong end of the Singapore dollar in terms of the undisclosed trade-weighted band that the MAS uses to guide the currency.
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