The US Treasury is due to report next month which of its major trading partners, if any, have been manipulating their currencies for unfair advantage. Currently, Thailand is the only country in Emerging Asia that meets all three of the criteria laid down by the US Treasury, while China only meets one. However, the decision is likely to be as much a political as an economic one, and is not a forgone conclusion. Labelling any country in Asia a currency manipulator would represent a ratcheting-up of tensions.
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