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November 17, 2016

China
China’s October Reserve Sales, And A New Reserves Puzzle

My preferred indicators of Chinese intervention are now available for October, and they send conflicting messages. The changes in the balance sheet of the People’s Bank of China (PBOC) point to si…

tracking-the-yuan-v-reserves-v-settlement
Blog Post by Brad W. Setser Follow the Money

October 24, 2016

China
China’s September Reserve Sales (Using the Intervention Proxies)

The most valuable indicators of China’s intervention in the foreign exchange (FX) market are now out, and both point to a pick-up in sales in September, and more generally in Q3. The data on F…

china-fx-settlement-v-cny
Blog Post by Brad W. Setser Follow the Money

May 31, 2016

China
What Drove China’s Large Reserve Sales?

China never was going to transition from one of the most heavily managed currencies in the world to a free float overnight. The critical question always has been how China is going to manage its curr…

Take 8
Blog Post by Brad W. Setser Follow the Money

March 25, 2013

Infrastructure
The Sales Tax: The New Way to Fund Transportation?

Engineers have been browbeating U.S. policymakers about the dire state of the country’s infrastructure for years. This year is no different. Last week the American Society of Civil Engineers gave U.S…

Cars wait in a traffic jam in New York City (Mike Segar/Courtesy Reuters).
Blog Post by Rebecca Strauss Renewing America

August 17, 2016

Monetary Policy
China’s July Reserve Sales: Bigger, But Still Not That Big

The proxies for China’s foreign exchange intervention in July are now available, and they point to $20 to $30 billion of reserve sales. The PBOC’s foreign assets fell by about $23 billion (The PBO…

china-fx-settlement-vs-cny
Blog Post by Brad W. Setser Follow the Money