The World Bank has approximately $108 billion of debt outstanding, of which perhaps up to half is now estimated to be in Asian hands. This stunning statistic shows how important Asia has become for global borrowers due to the massive rise in foreign reserves in Asian central banks and the high savings rate in Asian economies.
Despite the dollar's recent decline, there seems to be no shortage of demand for dollar denominated products from the world's leading borrowers. However where before borrowers were thick and fast on the ground chasing the few dollars available on the basis of their credit, now the boot is on the other foot, as the investors...
