Song Tae-jeong, a researcher at the LG Economic Research Institute, said, "For the past decade, Asian countries have functioned as exporters of capital to the United States, offsetting its current account deficit. But changes in the global economic framework are underway".
In the process, the ratio of foreign reserves in U.S. dollars is steadily on the decline. The International Monetary Fund said that the ratio of dollar-denominated foreign reserves was 66.7 percent at the end of 2005 but the figure fell to 64.6 percent in 2006 and to 64.2 percent at the end of the first quarter this year.
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