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Inflation and geopolitics bring a paradigm shift for central banks’ investment operations.
Executive summary

Managing reserves in a world turned upside down
Faced with a rapidly changing environment, most central banks plan to sit tight – at least for now.
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1. Macro environment

Reserves managers face tough new paradigm
Heightened volatility, risk and uncertainty The return of in ation Another economic slowdown. The macroeconomic environment for central bank investors has been upended. By Neil Williams and Taylor Pearce.
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SPONSOR’S COMMENT
Renminbi’s rise will not challenge dollar dominance
By Didier Borowski, Amundi Institute.
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2. Asset allocation

Time to get more active?
In the face of short-term volatility, reserves managers are opting for longer-term strategies. By Neil Williams and Taylor Pearce.
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Switching gears for an uphill ride
By Jahangir Aka, Ziling Jiang and Joe McDonnell, Neuberger Berman.
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3. External managers

Knowledge is key as reserves managers lean on their advisers
Deep relationships mean external managers can help their clients navigate short-term market challenges as well as long-term strategic shifts. By Julian Jacobs.
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Selection, evaluation and communication contribute to successful external management programme
By Andres Cabrales, Banco de la República.
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4. Sustainable bonds

Barriers to entry hamper sustainability progress
As central banks’ mandates grow to include ESG considerations, so too does reserves managers’ interest in social bonds. By Taylor Pearce.
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How the new geopolitical reality affects ESG
By Marcus Pratsch, DZ BANK AG.
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What are social bonds?
By Simone Utermarck, International Capital Market Association.
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Central banks can ease green economy transition while maintaining their mandates
By Mazen Sabah Ahmed, Central Bank of Iraq.
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Making a positive impact
By Perry Warjiyo, governor, Bank Indonesia.
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5. Global flows

Caution and flight in global currency flows
The dollar looks set to benefit from global uncertainty while reserves managers weigh the pros and cons of allocating more to the renminbi. By Julian Jacobs.
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How to capture Chinese alpha through exchange-traded funds
By E Fund Management.
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Geopolitical upheaval emphasises gold’s vital role
By Shaokai Fan, World Gold Council.
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6. Managing communications

Central banks under pressure over transparency
As they work towards more accessible, clear and regular engagement with the public, central banks are taking different approaches to improving external communications. By Taylor Pearce.
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