Neat solution. At root, FX reserves exist to avert currency crises: when devaluation spirals out of control, dollars can be deployed to buy up the local currency. Asia, whose kitties were demonstrably not up to this task during the financial crisis of 1997-8, has learnt its lesson. Now some reserves in the region, which tot up to some $4,000bn, are arguably too big.
漂亮的解决方案！从根本上说，外汇储备的作用在于避免货币危机：当贬值趋势失控，就可以调用美元来够买本币。在1997-98年亚洲金融危机期间，亚洲各国的外汇储备确实无法完成这项任务，但亚洲已经汲取了教训。现在亚洲的外汇储备合计高达4万亿美元左右，可以说，有些国家的外汇储备太多了。
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