"The monetary board has no plans of changing the basic exchange-rate policy, " Singson insisted July 9, the day the stock market fell 4.1% because of worries about the central bank's ability to fight speculators.

CNN: BATTLE OVER ASIA'S MONEY

Globalisation has not altered the basic limits: monetary policy can be used to regulate the domestic economy or to regulate the exchange rate, but it cannot successfully accomplish both goals at once.

ECONOMIST: Bearing the weight of the market | The