Money: Switzerland in Singapore

U.S. military, commercial and foreign-aid ventures for years have pumped a stream of dollars into non-Communist Asia. Usually, the dollars flowed right out again—mostly to London or Zurich. Asian capitalists preferred to deposit coveted hard currency without encountering the burdensome exchange restrictions and withholding taxes on interest that they would meet at home. Now, however, a growing number of the dollars are traveling no farther than Singapore. There, U.S. bankers and local officials have created a Far Eastern version of the Eurodollar market—the $40 billion pool of U.S. money on deposit in private banks in Europe and loaned from...

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