Already, the Thai baht, Korean won, Malaysian ringgit, Singapore dollar and Philippine peso are under downward pressure again.

CNN: FROM BAD TO WORSE

In the week beginning on December 15th, the Indonesian rupiah, Philippine peso, Thai baht and Malaysian ringgit all touched historic lows against the American dollar.

ECONOMIST: Asian currencies

That has cut inflation in half to 3% a year, fostered three consecutive years of 5% to 6% economic growth and enabled the Philippine peso to strengthen 18% against the dollar.

FORBES: Magazine Article

It was soon followed by the Philippine peso.

FORBES: When You Hear "There's No Problem," Brace Yourself

And the Philippine peso?

CNN: BATTLE OVER ASIA'S MONEY