Asian ERM debate returns to the fore
Forex reserves at the 10 key emerging Asian central banks have continued to swell, growing by $366 billion last year as a result of tight pegs or attempts to limit the pace at which currencies strengthen against the dollar. China alone saw a further $206 billion added to its FX reserves last year, according to data from JP Morgan Chase.
Largely held in US dollars, the FX reserves create significant risks in local public-sector balance sheets, said JP Morgan Chase in a report last week. For
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