Intervention going out of fashion
With the US still experiencing net equity outflows and only just beginning (in Q3 2004) to post a net FDI inflow, central bank – particularly Asian – financing of the US current account remains key. However, this pillar continues to weaken. Asia's commitment to its hard and soft dollar pegs is waning as policymakers perceive the costs of intervention– sterilisation, excessive reserve concentration in US assets, rising inflation – to outweigh benefits such as export competitiveness. The absence
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