Where it looks like everyone in the world is trying to depreciate their currency. MAS has allowed Singdollar to appreciate against the green back.
“the balance of risks is weighted towards inflation going forward. (…) MAS will therefore continue with the policy of a modest and gradual appreciation of the S$NEER policy band in the period ahead. (…) seeking to cap CPI inflation at 2-3% in 2011 from 2.5-3.0% in 2010.”