Financial Times, 17 Dec 2008, Raphael Minder
With plunging exports and economic contraction overtaking inflation and liquidity as concerns, Asian central banks are starting to buy dollars, raising devaluation worries.
Patrick Bennett, Asian currency strategist at Société Générale, said there was evidence that central banks in Singapore, Malaysia, India and South Korea had started dollar buying "in the last couple of days".
October saw record depletions of the reserves built up over a decade-long economic surge in South Korea, India, Singapore and Indonesia.
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