The US dollar has been depreciating against most currencies. While it is still the reserve currency in the world, holders of US dollars are seeing their value drop. China is one country which holds a lot of US dollar debt. It hurts them to see their investment in the US dollar going down. Likewise for Singaporeans holding US dollar denominated assets.
The following chart shows the depreciation of the US dollar against Singapore dollar over 5 years (source : Yahoo!). Not a very nice picture. A single US dollar can only buy 1.2 Singapore dollars. No wonder investors have been coming to Singapore to invest. They get double gain – capital appreciation on the property and currency gain.