Thus far, data show that the exchange rate dynamics involving the Chinese yuan and the US dollar are more about the strength of the US dollar than the weakness of the Chinese yuan. The dip of the Chinese yuan from mid-2018 to end-2018 was milder than that of other Emerging Asian currencies, such as the Indian rupee or the Indonesian rupiah. There is scope to improve targeting of foreign capital towards underdeveloped sectors and towards sectors where domestic firms can participate more extensively. In order to pursue these objectives, foreign investment policy must be aligned with the local enterprise development framework. Six of the 12 countries have a dedicated smart city strategy, namely China, India, Indonesia, Malaysia, Singapore and Thailand.