Whether the measures put forward by governments will be successful will depend crucially on their design. So far, their announcement has halted the widening of money market spreads, but they have not resulted in a significant reduction either.
There was no exchange rate manipulation; nonetheless by most measures the currency was overvalued. Possibly the overvaluation could be offset – though not fully, so long as other countries maintained their dollar pegs – through fiscal policy, thereby reducing the underlying threat to stability of the global exchange rate system.