The article discusses how exchange rate regimes in emerging Asian countries have evolved over the past decade. It shows that many countries in Asia are moving towards more flexible exchange rates, but central banks still intervene in currency markets frequently. Asian economies tend to prefer their currencies to depreciate rather than appreciate, leading to undervaluation of their currencies. This policy helps keep the prices of local goods lower compared to foreign goods. The paper also mentions concerns about global imbalances and the impact of the global financial crisis on Asian currencies.