Hot Money Leaving Asia - Sign of Upcoming Double Dip?

What we read in the news is that "hot money" that has flowed into Asia in the past quarters is being pulled out gradually as investors re-balance their portfolio mix and prepare themselves to take advantage of undervalued assets Stateside.

However a lot of this hot money originates from the major banks, and other news stories say that the "real reason" behind this capital withdrawal is that banks are "stockpiling USD" to brace themselves for potential breakdowns in the derivatives merry-go-round, specifically in credit card and CMBS defaults.

Any opinions or thoughts on the credibility of these news stories?