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It also stands to batter currencies, as India and Indonesia are finding out this week. Asia's 53 percent rise in reserves since the global crisis looks less comforting when compared with the 125 percent increase the Bank for International Settlements has measured in Asia's short-term external debt since 2008. That means that while in 2008 Asia had $4.60 for every dollar it owed foreigners over the next two years, it now has only $3.15.

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