{ Well, not formally, but de facto they have the ECB}

Their currencies can only be "attacked" if they make the mistake of trying to overvalue them ~ which is why the Chinese currency is presently immune to speculative attack and if they make prudent use of the Singapore basket peg, can remain immune to speculative attack.


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.