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.
漂亮的解決方案！從根本上說，外匯儲備的作用在於避免貨幣危機：當貶值趨勢失控，就可以調用美元來夠買本幣。在1997-98年亞洲金融危機期間，亞洲各國的外匯儲備確實無法完成這項任務，但亞洲已經汲取了教訓。現在亞洲的外匯儲備合計高達4兆美元左右，可以說，有些國家的外匯儲備太多了。
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