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May 5, 2007

Monetary Policy
Another month, another $10b (or more)

The $10b a month club came through in April. Brazil’s reserves: up $12.3b in April. Bacen also did a $3b reverse currency swap – its largest ever – last week.   It isn’t just intervening in the spot …

March 12, 2007

Just what is in China’s portfolio? And do foreign central banks think Agencies are Treasuries?

China's decision to set up a new investment authority with a mandate to invest in a range of assets -- not just traditional reserve assets -- has attracted a lot of attention.  But as the Bank of…

March 20, 2007

$1.5 trillion, not $1.1 trillion - and rising fast

China's formal reserves were a bit under $1.1 trillion – think $1.066 trillion – at the end of last year.  No doubt they are close to $1.1 trillion, if not above it, now.    No wonder China’s cen…

January 11, 2007

Financial Markets
Cracks in the GCC’s commitment to the dollar peg?

From Simon Derrick of the Bank of New York. Reuters reports that central bank governors of the UAE will meet in March to discuss currency pegs. The agency cites Governor Sultan Nasser al-Suweidi wh…

December 6, 2006

Yu Yongding is well-worth reading on sterilization — as is the Bank of New York on plans for a goverment investment fund

Martin Wolf’s series of columns on China has stimulated quite an interesting debate. I have been meaning to highlight it for some time – especially since it prompted Yu Yongding to lay out both his t…

April 11, 2007

Iraq: Four Years of War

JANE ARRAF:  Hi.  I think we'll get started, if that's okay. Thank you, everybody, for coming and welcome to today's Council on Foreign Relations meeting.  I'd like to remind you all that this meet…

October 6, 2006

Iraq's Impact on the Future of U.S. Foreign and Defense Policy

The program was made possible by a generous gift from Rita E. Hauser (shown here) and was organized in collaboration with the International Institute for Strategic Studies…

October 2, 2007

Monetary Policy
Central banks came close to financing the entire US current account deficit over the past four quarters

I have been reserve-obsessed for quite some time now.   The uphill flow of funds from the emerging economies to advanced economies strikes me as the defining feature of today's global economy.   …


February 27, 2007

Financial Markets
The story changes … is volatility back?

I was gearing up to write about how volatility in the fx market had disappeared – something that Simon Derrick ably highlighted on Monday.   Even though the yen is very, very weak against the currenc…

October 26, 2007

Financial Markets
Oil up, dollar down

Oil currently trades above $90. It currently takes more than 1.43 dollars to buy a euro.    The dollar isn’t just at a record low against the euro either.  It is weak against a host of curren…