Exchange rate regimes in China and the middle-income ASEAN countries have
evolved considerably since the late 1990s. The currency pegs to the US dollar, which
significantly limited monetary policy autonomy and encouraged destabilising currency
mismatches, were abandoned after the 1997 crisis by the ASEAN countries. In their
place, countries have adopted alternative arrangements that have allowed greater scope
for market forces to determine the path of exchange rates (OECD, 2010a)