1  1  such as the CMIM; and the third is Global Financial Safety Nets (GFSNs) including IMF lending facilities and Federal Reserve swap lines. Data clearly shows that the first line of defense provided by accumulated reserves has got much stronger in Asia.
The level of FX reserves in the region has increased nearly tenfold since 1997, and the ratio to GDP rose to 23.5% in 2021 from 8.0% in 1997.2 So, this deserves a very strong A grade.