Asian sovereigns, banks and insurance companies have made significant changes to their asset and liability mix since the Asian crisis in 1997-98. Export-led south Asian central banks have been accumulating dollars, mostly due to the financial crisis the region suffered. But the trend has been changing of late, as Asian central banks - in particular those of India, Korea and China - diversify their reserves into other currencies.
The Bank for International Settlements (BIS) released a study re
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