Geopolitical rivals to the US have long bemoaned their dependence on the US dollar. France’s then-finance minister Valéry Giscard-d’Estaing decried it in 1965. People’s Bank of China (PBoC) governor Zhou Xiaochuan made a high-profile speech in 2009 – that is, nearly 14 years ago – similarly pointing to the drawbacks of the dollar-based global monetary and financial system. Russia began shifting the currency composition of its foreign assets away from dollars in 2013 – before its president
BoE paper finds non-banks act as global stabilisers
Non-bank firms help dampen the impact of US monetary policy spillovers, authors find
The strong dollar, global inflation and global recession
Steve Kamin asks whether the Fed’s tight policy is pushing the world towards recession
African governors face multiple financial ‘floods’
Kenyan governor says a “doubling, tripling” of access to IMF resources is needed
Development banks need to change amid global threats – Yellen
“Extreme stress” and global threats demand rethink, says US Treasury secretary
ECB and PBoC extend currency swap deal for three years
Central banks keep the size of the swap line unchanged
US and Korea agree to set up liquidity facilities if necessary
It is still unclear whether the facilities would involve a currency swap line
ETFs in reserve management focus report 2022
Exchange traded funds (ETFs) have risen in popularity among investors and may be of interest to central bank reserve managers in pursuit of safety, liquidity and returns. Central bank mandates vary, but all reserve managers must navigate a new, complex…
Navigating a new, complex economic environment
In 2021, net assets in exchange-traded funds (ETFs) stood at almost $10 trillion, after inflows of more than $1 trillion
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