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As this column is being penned, the US Federal Reserve Bank is preparing to announce its latest rate decision and financial markets are in a real tizzy about that. But to understand the full implications of all this for the Asian region, we need to go beyond the day-to-day volatility in markets and focus on the fundamental forces at work.

The news headlines paint a dismal picture of the Chinese economy – one that is beset with drought and resulting power shortages, covid restrictions that have crushed consumer confidence to its lowest level since surveys started, a slumping property market and defaulting companies.

Shortly after I had ended my Cabinet tenure an interviewer asked me: “What is the key to being a successful Finance Secretary?” I quipped: “Choose the right Boss.” Levity aside it was really the other way around as it was FVR who chose and put his trust in me and I will endlessly thank him for that life changing decision.

As it approaches its 57^th birthday, Singapore faces a more troubled operating environment. This is the product of a dizzying series of events in the past six months which saw geo-political conflicts, a decisive monetary tightening, high energy prices and growing risks in China.

There have been many reasons to worry about the worsening ties between China and the US, the two big powers whose actions have outsized impacts on the world. But it is a particular concern for Southeast Asia because this region has become one of the main arenas for that contention to play out.