On December 20, Gelonghui reported that OCBC Bank Forex Analyst Christopher Wong pointed out that most Asian currencies are trading near their respective lows against the US dollar. The USD/KRW is close to 1450, the USD/CNH has returned above 7.30, the USD/JPY is above 157, and the USD/INR has reached historical highs above 85, while most ASEAN Forex, including the PHP and IDR, have depreciated by 4-5% from the beginning of the year to date. Central banks in the region are stepping up their rhetoric. For policymakers, acting against a strong dollar can be challenging. Interventions in such an environment can only slow the pace of currency depreciation. Nevertheless, central banks may still need to employ a mix of verbal, policy, and actual intervention measures to slow down the rate of currency depreciation.