# Revisiting Asia’s sovereign wealth strategy

Prior to the global financial crisis that erupted in August 2007, there was an emerging consensus that the foreign-exchange reserves accumulated by a number of Asian countries had reached levels that exceeded all plausible estimates of what was needed for traditional liquidity and intervention purposes. The buildup of reserves had a number of causes, all of which were associated with the macroeconomic and strategic adjustments that took place in the aftermath of the Asian financial crisis.

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