Asian markets this week gave a lively taster of what a full-blown currency war might look like under Trump 2.0. But we are not at panic stations yet, and probably (touch wood) will not be any time soon.

It has, to be sure, been a week of high drama in a typically sleepy corner of markets. Seemingly out of nowhere, the Taiwanese dollar shot to the moon, jumping by, at the extremes, 10 per cent in two days. Even after calming down a little since, it is up by 6 per cent this month.

That was not all, however. The Hong Kong Monetary Authority has also intervened at the heaviest pace since 2020 to stop its currency from rising too far against its US cousin. Brace yourself, because any day now, the have-a-go heroes betting on a break in Hong Kong’s 42-year-old peg against the US currency will resurface. It is one of the most reliable widow-maker trades out there and so help them, the people who have tried and failed at it before will try and fail at it again. It’s always fun while it lasts though.