A desire to offset this loss of domestic demand, as well as to rebuild their foreign exchange reserves, are likely reasons that authorities in the region intervened to stem upward pressures on their currencies. See Steven B. Kamin (2005), "The Revived Bretton Woods System: Does It Explain Developments in Non-China Developing Asia?"
The reasons behind this wish are well established so I will not dwell on them: most important of all is the fact that growth feeds on innovation, which is a riskier proposal than proven, traditional productive activity, and it is best to finance innovation with capital rather than loans, especially bank loans,  3  because banks are, and must be, more risk averse than the rest of the financial community.