Asian central bank accumulation of US dollars

Barry Ritholtz at The Big Picture has an interesting excerpt from The Wall Street Journal on the sell-off in the US dollar.

What was especially fascinating to me was the graph showing the accumulation of US dollars by Asian central banks over the past four quarters. From the graph, it seems that the Singapore central bank -- namely the Monetary Authority of Singapore (MAS) -- is the only one that has been making a substantial effort at getting rid of the US currency. Considering the current forex climate, that makes it the smartest central bank among the four shown (the other countries were China, Taiwan and South Korea).

The MAS had started its tightening in April. In the Singapore context, that means allowing the Singapore dollar to appreciate. It now looks like a prescient move.