Asian central banks' foreign exchange reserves shrank by $120bn in October, a fivefold increase on the September fall. There are several reasons for the depleted kitties. Valuation effects lop off some of the headline number: about 60-65 per cent of Asian reserves are reckoned to be in dollars, but maybe a fifth are in depreciating euros. Balance of payments positions are generally deteriorating. Some banks are providing dollar liquidity to the market, as well as dipping into reserves to defend the currency – Korea is one example. In addition there is further dollar-dumping as banks unwind forward purchases of dollars that they undertook in recent years as part of mercantilist policies to keep home currencies weak. Data is poor, but these sales total perhaps another $120bn or so.
今年10月，亚洲各央行的外汇储备总计减少1200亿美元，减量是9月份的6倍。储备锐减有几个原因。估值效应令储备总额有所折损：据估计，大约60%至65%的亚洲外汇储备为美元资产，但不断贬值的欧元资产或许占了五分之一。亚洲国家的国际收支状况普遍恶化。部分央行向市场提供美元流动性，并动用外汇储备支持本币——例如韩国。此外，作为维持本币弱势的重商主义政策的一部分，亚洲央行近年来纷纷买入远期美元，随着这些央行平掉美元远期头寸，美元进一步遭到抛售。相关数据颇为贫乏，但这部分抛售额大概也有1200亿美元左右。