Valuation effects lop off some of the headline number: about 60-65 per cent of Asian reserves are reckoned to be in dollars, but maybe a fifth are in depreciating euros.

• 估值效应令储备总额有所折损：据估计，大约60%25至65%25的亚洲外汇储备为美元资产，但不断贬值的欧元资产或许占了五分之一。