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Asia keeps a wary eye on US dollar.(currency devaluation)(Brief Article)
Australasian Business Intelligence, March, 2005
Mar 22, 2005 (Asia Today International - ABIX via COMTEX)
Several Asian countries are thought to have responded to the decline in the US dollar by diversifying out of the currency. Thailand, Taiwan and South Korea are said to have diversified out of the greenback. Morgan Stanley calculates that Asia's leading seven central banks account for roughly 60 per cent of global reserves. The US securities firm observes that Asia has the ability to greatly weaken the greenback and the US Treasury. Stephen Jen, Morgan Stanley's chief currency strategist, claims Asia's lesser central banks may seek to dump the US dollar ahead of their counterparts in Japan and China.
Publication Date: March 2005
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