The East Asian economies that have devalued their currencies are quietly stealing exports from the others that kept their currency values unchanged. This is to be expected because a cheaper currency should stimulate exports. Those people were wrong. But as these economies have stabilized, many orders for export goods have returned. Cost adjustments are difficult.
Wages are unlikely to fall.
Emboldened by the power of their votes and supported by politicians who want to win those votes, the people are fighting tooth and nail to keep their jobs and wages intact. Meanwhile, Singapore recently cut wage bills in their major companies by 12 percent, simply by fiat. There are some benefits. For one thing, Hong Kong people are not poor. The recent scramble to buy real estate property at the lower prices shows that clearly.