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Towards an Asia-style monetary framework

Many methods for shoring up financial and monetary stability now practised by central banks around the world were tried and tested in the region over the past 20 years.

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The trend of central banks diversifying asset holdings to offset the risks of holding too many dollars or euros has spread, including the yuan in its scope.

THE cacophonous aftermath of the global financial crisis has prompted a substantial rethink of international economic policy doctrine. We are moving away from a near-universal belief in the beneficial effects of unfettered capital movements towards a much more managed system of world money. Many

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