Asia holds about USD4.5 trillion in currency reserves and most of them are denominated in the US dollar. Asian nations are the biggest customers of Barack Obama's historic increase in debt issuance and have helped greatly in aiding the USD787 billion stimulus package.
Asia's surplus of savings in the US currency should not be taken for granted, especially with spending plans yet to be announced. It is also not a coincidence that China is pushing for a new international currency at a time when it wants to diversify almost USD2 trillion of reserves. However, China's push for the yuan to become a global invoicing currency does not outweigh the country's need to maintain control and help exporters.
China's stressing of a new world reserve currency seems a bit uncertain at times. Officials are flip flopping between promoting the yuan as an alternative to the dollar, and affirming the US as the premier main reserve currency. Economists are predicting any transition from US dollar to yuan reserves will be incremental rather than abrupt and mat not take place for some time.
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