I came across a staggering figure this week, courtesy of analysts at Singaporean bank DBS. We all know that foreign investors are plunging back into emerging markets in search of better growth prospects than they can get at home.However, it's not until you look at foreign exchange reserves that the sheer scale of this rush for emerging markets becomes clear. Most Asian central banks intervene in currency markets to some extent to keep their exchange rates reasonably stable. As a result, their currency reserves are quite a good indicator of money coming into the country (although of course they include exports as well as investment). Full story
