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February 16, 2006

Monetary Policy
So where exactly are all the world’s reserves going?

We don't yet formally know the BEA's estimate for the end of the year current account deficit, but we have a pretty good idea.  We also now have a lot of data about how the US financed its current ac…

Blog Post by Brad W. Setser Follow the Money

September 20, 2005

Monetary Policy
What did central banks do with their reserves in 2003 and 2004?

The only honest answer is that we really don't know. The IMF released its revised estimates for the currency composition of the world's reserves at the end of 2003 and 2004.  The most important chang…

Blog Post by Brad W. Setser Follow the Money

November 9, 2006

Monetary Policy
“All central bankers are trying to diversify their reserves”

And some are perhaps trying harder than others … Zhou’s quip seems to have generated a fair amount of attention, in the Treasury market as well as in the Fx market.  It should, given the size of h…

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Blog Post by Brad W. Setser Follow the Money

January 6, 2006

Monetary Policy
Read Andrew Balls and Geoff Dyer on Chinese reserve management

I strongly recommend the latest by Balls (in DC) and Dyer (in Shanghai). It covers both sides of the "does China's reserve management matter" debate.  But it gets two key points absolutely right: Chi…

Blog Post by Brad W. Setser Follow the Money

January 13, 2009

Monetary Policy
Secrets of SAFE: A sharp slowdown in reserve growth and large “hot” outflows in q4….

China’s formal foreign exchange reserves rose by about $40 billion in the fourth quarter, rising from $1906 billion to $1946 billion. Adjusted for valuation changes, that works to a $55 billion or …

Secrets of SAFE: A sharp slowdown in reserve growth and large “hot” outflows in q4….
Blog Post by Brad W. Setser Follow the Money