That which is held in foreign currency reserves won't find a home in real estate. (biggerpockets.com)
During the second stage of the cycle the bad effects of creating a flood of new money to purchase foreign currency reserves and manipulate the exchange rate become apparent. (tsi-blog.com)
Asian lands reacted to the 1997 - 1998 crisis by cutting foreign borrowing and building foreign currency reserves. (mauldineconomics.com)