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Forex reserves remain Asia's first defense vs. relentless dollar
By Subhadip Sircar and Swati Pandey
Bloomberg News
Wednesday, October 4, 2023
The dollar's recent rally has been relentless. But Asia's central banks have the firepower to limit the fallout.
Policy makers in the region have more than $5.5 trillion of foreign-exchange reserves that they can deploy to shore up their currencies, according to calculations by TD Securities, using data compiled by Bloomberg. The stockpile reached a record high of $5.9 trillion in 2021.
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Focus is shifting to what steps authorities in the region may take after verbal warnings and stronger fixings failed to arrest the downdraft in their currencies. While exporters stand to benefit if their currencies weaken, a sustained bout of depreciation risks triggering capital outflows.
"Asian central banks have the firepower from their FX reserves like last year to intervene if they choose to," said Alex Loo, Singapore-based Asia FX and macro-strategist at TD. "We think jawboning efforts may suffice for now." ...
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