As these countries have an interest in supporting their national economic policies by fixing the exchange rate, US current account deficits can be financed by the accumulation of currency reserves elsewhere and therefore persist. Essentially, the proposition of Bretton Woods II does highlight one major aspect of global imbalances.
The comparison between a voluntary, unilateral peg of the exchange rate of various Asian currencies to the dollar and multilateral agreements such as the 1944 Bretton Woods agreement, however, is not quite accurate. Furthermore, the main point is that market interventions also involve costs for these countries.