Citi Research and BNP Paribas have indicated that they do not expect the Monetary Authority of Singapore (MAS) to re-center the SGD nominal effective exchange rate policy band. This comes as the 2Q16 GDP results released by the Ministry of Trade and Industry indicated that the economy grew 2.2% on a y-o-y basis in the quarter, or 0.8% at a seasonally adjusted annual rate. “The data does not provide a conclusive case for downward re-centring in Oct,” says Citi analyst Wei Zheng Kit, lead author for the Citi report dated Wednesday. He places the odds of a re-centring at only 30%. BNP analyst Philip McNicholas concurs. He believes that in the absence of a deeper adverse shock to either global or regional growth projections, MAS will retain its current policy settings in October, according to the BNP report dated Thursday. McNicholas also notes that Brexit’s limited impact on ......