Singapore’s and China’s inflation rates are both above 7 percent, and their real interest rates are negative – but monetary tightening is constrained by exchange rate considerations. For the countries shown in Figure 7, the movement towards high inflation with low growth is quite marked. Figure 7.
Inflation and growth outlook, selected Asian countries  Sources: Datastream, Consensus Economics Inc. Country key: CH China, HK Hong Kong, KR Korea, MLY Malaysia, SNG Singapore.