As a group, the BRICs have continued to accumulate foreign reserves in 2009 despite worsening current account balances. We expect China to accumulate another US$400 billion in foreign reserves in 2010. Contrary to conventional wisdom, rebalancing actually is an ongoing process in China: net exports as a percentage of GDP fell from 8 per cent in 2007 to just 4 per cent in 2009.
Although net portfolio flows recovered sharply during 2009, the latest data show this trend is reversing in...
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