And its prudent habits resulted in perennial budget surpluses and huge foreign reserves.

CNN: FIGHTING 'GODZILLAS'

The biggest emerging markets, with their huge foreign-exchange reserves, appear to be almost crisis-proof (at least outside eastern Europe) in contrast to the seemingly crisis-prone rich world.

ECONOMIST: The path ahead

All these countries have the comfort of huge foreign-exchange reserves.

ECONOMIST: Emerging countries are not the havens some people thought

Asian banks had a huge build-up in foreign exchange reserves over the past couple of years and the reserves supplies had remained fairly constant.

FORBES: INTERVIEW: Central Buying Gold Buying Likely To Continue - WGC Official

Whichever numbers you choose, central banks' increases in dollar reserves have been large compared with overall foreign purchases of American bonds, and huge compared with the size of the current-account deficit.

ECONOMIST: Forever free | The