In emerging economies with large and growing current account surpluses, especially China, it is desirable that their effective exchange rates move so that necessary adjustments occur. Concerning the dollar, I have noted with great attention that the US authorities have reaffirmed that a strong dollar is in the interest of the US economy.
At the Central Bank we understand that the UK’s departure will require increased engagement on our part in the relevant EU and international fora, to convey our viewpoint and add our own expertise to the mix.