Absolutely right.........you have pinpointed the cogs on the wheels perfectly. I was just giving the short term outlook in a yes/no type of answer :-P. As the picture unfolds, it will be clearer. Yes, the long term outlook is for the currencies in the region to be unpegged........but that doesn't seem probable in the near term (would be very hesitant to give any time frame on that).

So for now the answer to Kush's question seems "No"

"The power of accurate observation is commonly called cynicism by those who have not got it"