...and Devil take the hindmost.

Countries racing to devalue/bail-out/fiscal stimulus will have competitive advantage against those who are more lethargic or otherwise reluctant to do so. Yet more evidence to be skeptical of any coordination attempt amongst the G20 nations and particularly export dependent emerging and frontier markets.

Singapore May Weaken Currency in Recession, UBS Says (Update1)

By Patricia Lui
Nov. 18 (Bloomberg) -- Singapore, facing a slump in exports
amid a recession, may change its exchange-rate policy to favor a
weakening currency in April or sooner, according to UBS AG.
The Monetary Authority of Singapore, after ending its
policy of encouraging gains in the local dollar last month, may
be open to depreciation to help revive the $161 billion economy,
wrote Ashley Davies and Nizam Idris, currency strategists at the
world's second-biggest foreign-exchange trader. The U.S. Federal
Reserve, the Bank of Japan, the Bank of England and the European
Central Bank have all cut interest rates to combat recessions.
``Following the aggressive policy moves elsewhere, it now
seems unobjectionable for Singapore to ease monetary policy via
a weaker currency,'' Davies and Nizam wrote in a research report
yesterday. ``While our base case is for a change in policy at
the next meeting in April, it could happen earlier should
pressure on reserves mount.''
Singapore's dollar traded at S$1.5243 to the U.S. dollar as
of 9:08 a.m. local time, according to data compiled by Bloomberg.
It earlier touched S$1.5283, the lowest level since September
2007. The currency has declined 7.3 percent in the past three
months.