The US Treasury added Singapore, Malaysia and Vietnam to a watchlist for currency manipulation, putting their foreign-exchange policies under scrutiny. Singapore made the list because of its large current account surplus and net foreign currency purchases of at least $17 billion in 2018, equivalent to 4.6% of GDP, according to the Treasury. Malaysia was cited for its bilateral trade surplus with the US of $27 billion last year and its current account surplus of 2.1% of GDP. Vietnam was highlighted for its large current account and bilateral trade surpluses, Bloomberg has said. Was it always to be like this? A moment of joy followed by a new sorrow?