Big Asian economies take on the forces of international capital—and win
They are now rebuilding their arsenals
Battling currency markets used to be considered unwise by central bankers and policymakers. Burning foreign-exchange reserves to take on the forces that push and pull a currency’s value was foolish, so the thinking went, and almost certainly futile. Orthodoxy held that a country seeking to defend its currency should raise interest rates, not sell reserves.
This article appeared in the Finance & economics section of the print edition under the headline “Reserve judgment”
Finance & economics February 25th 2023
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- Big Asian economies take on the forces of international capital—and win
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From the February 25th 2023 edition
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