Tiny Singapore may have felt a sense of pride as China and Malaysia have adopted a version of its managed floating exchange rate system after abandoning their fixed currency pegs against the US dollar.
The “basket, band and crawl”, or BBC, system
Financial Times 22/7

The exchange rate floats within a set policy band, which allows the currency to crawl up or down instead of being subject to sharp fluctuations.

John Williamson, a Washington-based UK economist credited with developing the BBC model in the 1970s, has called Singapore “the world's most successful practitioner of a BBC regime”.

Full text

A number of economists, including me, have argued in recent years that there would be significant advantages both to East Asia and to the rest of the world if the countries of East Asia were to adopt a basket of currencies as the numeraire for their exchange rates instead of using the US dollar.
John Williamson, Institute for International Economics, July 2005