RustyC

Re: OP. Malaysia is fixed at around 3.8 and a really great deal for travelers at that. Thailand USED to be fixed around 25 but now floats, most recently in the 38-40 range. It was the breaking of the baht peg 7/1/97 that set off a chain reaction of devaluations across Asia and beyond. Hong Kong is also fixed, as is Macau and China. The dollar also is a second currency in places like Laos and Cambodia that have problems with currency stability.

Also, despite floats in places like Singapore, Indonesia and the Philippines, currencies there haven't gained nearly as much against the dollar as elsewhere in the world because governments keep them restrained to protect exports (the big fear being losing markets permanently to China). If the yuan gets revalued I would expect the others to float more freely and probably rise about as much. You could make a case that the baht, ringgit and certainly Singapore dollar are undervalued.