Central banks across Asia are increasingly using derivatives to protect their currencies against a strong dollar, raising questions over how long they can do so and whether they are just storing up trouble for the future. The use of derivatives in addition to spot trades to push back against the dollar is raising concerns about the risk that selling pressure is being deferred rather than removed. ANZ: “It’s basically pushing out currency depreciation to a later date and in the meantime, keeping headline reserves high as a way of displaying confidence.”
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