Moreover, the degree of volatility in these economies was found to be larger than that in advanced economies.4 Regarding economies without an inflation-targeting framework, Singapore and China have adopted a crawl-like arrangement (Chart 4). In Singapore, the Singapore dollar follows an appreciating trend against a basket of currencies within a 2 percent band since 2011.
This arrangement is often referred to as a BBC (basket, band, and crawl) targeting; the content of the BBC is regularly adjusted.