Emerging market reserves grow in January

Recent data show significant increases in foreign exchange reserves in a number of emerging market economies in January. The Philippines gross international reserves hit an all-time high of $20.504 billion at the end of January on fresh government borrowing and gains in the central bank's investments overseas during the month.

The end-January reserves were adequate to cover 4.3 months of imports, the Philippine central bank said in a statement Tuesday, 7 February. It added that the reserves w