ECB Monthly Bulletin, January 2005

The European Central Bank published its January 2005 Monthly Bulletin on Thursday saying Asian central banks' build-up of currency reserves may prove costly for the economies concerned and could hinder the correction of global current account imbalances.

"The rapid accumulation of reserves is not without risks and costs," the ECB said in its January monthly bulletin

"It may...pose risks for central bank balance sheets, via increasing exposure to US bond prices and exchange rate movements, put

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