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Reserves Management

31 January 2019 / Europe

Outlook for reserve asset management

Asset and reserve management seminar

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16 November 2018 / China

Renminbi's global reserve share rising

Asset class diversification continues to be a key theme for central bank foreign exchange reserves managers. Despite a weaker renminbi/dollar rate this year, the Chinese currency has increased its share in global reserves, according to IMF data. The latest report shows a jump in renminbi holdings of around $50bn in the second quarter of 2018. Less than a decade after the launch of the renminbi internationalisation initiative, we estimate that more than 60 central banks have renminbi in their reserves. But allocations are still relatively small.

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12 October 2018 / China

No 'competitive devaluation' in China

When the Trump administration asserts that China steals intellectual property, violates foreign investor rights, engages in wrongful wholesale subsidisation of the economy, and raises questions about industrial policy pursuant to 'Made in China 2025', it stands on solid ground. Its assertions about 'competitive devaluations' by China, however, do not stand up to scrutiny. The renminbi's decline primarily reflects a strong US economy as well as contrasting cyclical developments in China, notwithstanding the efforts of Beijing's officialdom to curb pressures on the currency.

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10 October 2018 / North America,Europe

In Conversation: Jeffrey Frankel

In Conversation: Jeffrey Frankel, Harvard University

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07 September 2018 / Global

Changing importance of foreign exchange reserves

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22 August 2018 / Global

Currency manipulation: Theory v. reality

Willie Sutton, the US bank robber, when asked why he robbed banks allegedly said, 'Because that's where the money is.' He was a master in sleuthing how banks operated before he robbed them. The same spirit of analysis is needed in assessing whether countries – as often stated by US politicians, including President Donald Trump – are 'manipulating' their currencies. China is where the screams about 'manipulation' are the loudest. But the case is by far the weakest. Germany cannot 'manipulate' its exchange rate, as it doesn't have one.

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