This publication, accompanying the 2022’s update of EQCHANGE, aims at providing an overview of exchange rate misalignments for 2021. Overall, one year after the major shock that represented the Covid-19 pandemic, the global configuration of currency misalignments between 2020 and 2021 has shown a relative stability. Among advanced economies, the picture was broadly unchanged. The US dollar registered a moderate decrease of its overvaluation; the British pound and the Canadian dollar have not shown any significant movements; the Japanese yen plunged and increased its undervaluation. The euro area is again featured with various situations with undervaluations prevailing in Germany, Ireland and the Netherlands while Belgium, France, Italy, Portugal and Spain were close to their equilibrium. In emerging economies, the Turkish lira registered the largest swings against the US dollar and have consequently increased of its undervaluation. The Chinese renminbi has experienced an upward movement that slightly eroded its undervaluation and aligned it with its fundamental value.