Bloomberg reports here today that thirteen Asian countries are building a massive pool of foreign-exhange reserves -- around $120 billion. The Philippines will contribute $3.68 billion, slightly less than the $4.77 billion tossed in by Thailand, Indonesia, Malaysia, and Singapore. South Korea will chip in $24 billion, and even larger sums will be added by China and Japan.
The fund is intended to protect participating countries from currency speculation and balance of payment problems.
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