This paper seeks to outline issues arising from rapid foreign exchange reserve accumulations in Asia. Greater attention is paid to People's Republic of China and India for the significance of the accumulation fed by surges in capital inflows. The paper finds that sterilization interventions by...

This paper seeks to outline issues arising from rapid foreign exchange reserve accumulations in Asia. Attention is paid to People’s Republic of China and India for the significance of the accumulation fed by surges in capital in flows. The paper finds that sterilization interventions by the...