Mr Fernandez this week stressed that Argentina could withstand any speculative attack on the currency.
Pegged rates are also susceptible to speculative attack, whereas a floating rate can adjust more smoothly to market forces.
Such a large and liquid market is less vulnerable to speculative attack than a small one, such as Greece's or Portugal's.
"We have been shown as the icon of free trade, and that icon has been smudged, " Tsang says of the speculative attack.
"If there's no speculative attack, we should be OK, " the economist said.
It is reassuring that none of them has much foreign debt, and that their currencies and securities are only lightly traded, creating little scope for a speculative attack.
But Poland and Hungary remain less vulnerable to speculative attack.
Financial markets shared Wall Street's relief that Brazil was not digging in for a protracted battle over its currency, and there was no sign of a speculative attack against the Hong Kong dollar.
And what if a country's investment fund ran an active trading operation and - George Soros style, when he brought down the pound - decided to launch a large-scale speculative attack on another nation's currency?
On August 15th the Hong Kong Monetary Authority pushed interbank rates up to levels not seen since the Mexican peso crisis in 1995, to counter what it said was a speculative attack on the Hong Kong dollar.
The game was not over though and Bath were forced to endure a nervy last few minutes when O'Hare finished off a counter attack and Jackson crossed after intercepting a speculative Nick Abendanon pass.
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