Unconventional Wisdom -America has won this battle : Macquarie Research

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Unconventional Wisdom
America has won this battle
Event
 Several Asian currencies are rising strongly against the US$.
Impact
 The battle over whether the US will have to adjust or whether Asia will have to
adjust is over. America has won and Asian currency appreciation is the
clearest sign of this victory.
 Perhaps the most important implication will be the impact on China’s trade
surplus. Rising currencies in Asia ex-China could amplify the impact of the
stronger RMB.
 If so, then global rebalancing could accelerate and this would be a plus for the
sustainability of the recovery.