The primary formal monetary policy objective in nearly all these cases is price
stability in some form (Filardo and Genburg, 2012). The commitment is most explicit inthe inflation-targeting countries, whose central banks are obligated to maintain some
measure of inflation – core consumer price index (CPI) inflation in the case of Indonesia
and Thailand and headline CPI inflation in the Philippines – within a pre-determined
range over the medium term. The formal frameworks of China, Malaysia and Viet Nam
specify maintenance of the (real) value of the currency as the primary objective. This
implies a commitment to price stability, but it could also imply some obligation to
exchange rate stability. This also true of the formally stated objective of monetary policy
in Indonesia, which specifies maintenance of the value of the rupiah