Robust Asian Reserve Pile Positioned to Defend Currency Slide

Asia’s $8 trillion in foreign-exchange reserves are giving central banks more heft to defend their currencies as the escalating Middle East war drives up energy prices, a key risk for the region’s oil-importing economies.

Indonesia, India and Taiwan have already stepped into markets, while China signaled support through its daily reference rate. Other authorities have so far limited themselves to verbal warnings as they monitor volatility.