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Is the accumulation of reserves in East Asia the consequence of deliberate undervaluation of the corresponding currencies leading to large current account surpluses, or is it due to the need for the United States to finance its external imbalance, or yet again to capital inflow in the region in anticipation of currency revaluations? Will appreciation of the renminbi by itself be a solution to the Unites States’ external imbalance? If not, what policies would? What… More >>
Official Reserves And Currency Management in Asia: Myth, Reality, And the Future