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Economy

Asia's foreign reserves reach record high

Amid robust foreign investment, central banks battle to stabilize currencies

Expectations are high for Indonesia's growth. The country's central bank, Bank Indonesia. (Photo by Keiichiro Asahara)

TOKYO -- Governments and central banks in Asia held a record-high level of U.S. treasuries and other foreign assets at the end of July.

Combined foreign reserves in Asian countries and regions excluding Japan and China reached $2.4 trillion at end-July, up 6% from a year earlier, according to data from central banks. Indonesia saw its reserves grow 15% in the past year. The pace of growth in the region has accelerated since the beginning of the year and foreign reserves have now grown sixfold from their levels during the 1997 Asian financial crisis.

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