SINGAPORE -- Singapore's central bank on Monday eased its monetary policy in response to the new coronavirus pandemic, following regional peers that have rushed to cut rates and cushion the severe blow to their economies.
The city-state's monetary policy is based on exchange rates, whereby the Singapore dollar is managed against a basket of major trade partners' currencies. This time, the central bank reduced its target appreciation rate to 0%, while re-centering the exchange rate band downward based on the prevailing rates.
