Asian forex reserves at US$3 trillion
14 March 2007
Foreign exchange reserves across the Asian region rose at their fastest pace in
three months in February, the Wall Street Journal reported. The hike was powered by moves at Asian central banks
to deal with appreciation pressures in currencies whose value is increasing in the face of a weak US dollar. Reserves across
Asia reached US$3.19 trillion, up 15%
from a year earlier, according to data from 12 countries tracked by Dow Jones
Newswires. The figure represented a hike of US$43.7 billion from January. The rise
is fueling expectations that more money will go to official investment
organizations as central banks seek higher returns. China recently said it is considering the creation of an
giant investment agency similar to Singapore's Temasek Holdings to invest a
portion of its foreign exchange reserves.