South Korea, Malaysia, Taiwan, Indonesia, Thailand and the Philippines had combined foreign-exchange reserves of $1.2
trillion last month, more than five times the $233 billion
figure at the end of 1998, official data show. China’s foreign-currency holdings reached a record $3.8 trillion in December,
the world’s largest, from $145 billion 15 years earlier. SEE MORE Vietnam
’s economy should be
growing at a rate of 7 percent again by 2016, according to a report by
global accounting firm Ernst & Young.
The
UK-based firm, which placed the country fourth on its list of 25
potentially vulnerable fast-growing economies, expects faster economic
growth from this year as policy makers are making efforts to reduce the
fiscal deficit, continue curbing inflation, and bring down borrowing
rates. SEE MORE Copper climbed to a one-week high,
extending two weeks of gains, after a report showed China’s new
credit increased to a record last month, boosting demand
prospects for industrial metals from the top user. SEE MORE Gold advanced to the highest level
in more than three months as demand for haven assets increased
on speculation that the U.S. economic recovery will slow. Silver
headed for the longest run of gains since at least 1968. SEE MORE In preparation for the takeover of Vung Ang 1 power station and the
construction of Thai Binh 2 thermopower plant, an affiliate of the
state-owned Vietnam Oil and Gas Group (PVN) has clinched a deal to
import 10 million tons of coal this year. SEE MORE
