Asia Fights The Tape: Central Banks Dump Dollars As AI Unwind Sends Tech Currencies Tumbling

First the stocks, then the currencies.

A few hours after we recapped the shocking moves across the continent - Korea's circuit breakers, Japan's worst day since March, and a record ~$9.3 billion foreign exodus from Taiwan - it became clear that the carnage had spilled from equities into FX, and that Asia's central banks were not about to sit idle. According to Bloomberg, state-owned banks in Taiwan were selling US dollars to provide liquidity, the Reserve Bank of India supplied greenbacks in both the onshore and offshore markets, traders familiar said, and Bank Indonesia openly confirmed it was intervening to steady the rupiah.

Selling Dollars Into The Fire