The dollar has sold almost $89 billion over the first 9 months in Asia

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          As the U.S. Federal Reserve (Fed) aggressively raises interest rates, the dollar concentration intensifies, and the value of currencies around the world continues to decline. Between January and September 2022, nine emerging countries which are Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and including Japan used about $89 billion in foreign exchange reserves which is the highest expenditure since 2008.

          Only in September, Asia governments spent about $50 billion in foreign-exchange reserves aimed to defend currencies from appreciating the USD. The Chinese government spent almost $30 billion and Japan’s spending reached $50 billion.

          According to Bloomberg, Foreign exchange reserves are worldwide decreasing. This year, the stockpile of global reserves fell by more than $1 trillion, or 8.9%, to less than $12 trillion, which is the greatest decrease since Bloomberg began collecting data in 2003.

Published 26/10/2022

By Ashley Jones