Singapore PM Wong rejects weaker currency as shortcut to competitiveness

SINGAPORE — Singapore Prime Minister Lawrence Wong pushed back against the idea of weakening the Singapore dollar to boost competitiveness, saying the city-state must instead rely on its economic strengths even as a strong currency adds to costs for businesses. Wong said Singapore could continue to expect a strong and stable currency if its economy performs well, emphasizing its role in containing imported inflation. "You're surely not suggesting that we depress our exchange rate in order to be more competitive," Wong said in a lighthearted exchange with DBS CEO Tan Su Shan at the bank's Asia Future Forward Conference in Singapore on Monday.