Monday saw Bank of America research.....>

DOLLAR-ASIA: Monday saw Bank of America research note that "the fiscal policy

response towards the Covid-19 pandemic is being met with market relief, however

there is widespread concern among investors and analysts that this may not be

sustainable. The terms, debt monetization and currency debasement, are being

bandied around and a number of EM currencies are seeing significant depreciation

pressure. We show fiscal concerns are negatively impacting IDR and MYR and to a

lesser degree CNY. PHP appears to have a structural break and is better

insulated against fiscal concerns, while THB could be under-pricing the risks.

Overall, there is not an extreme pricing of default or debt monetization, but

markets are watching IDR and MYR closely.".