THE CHANGING ROLE OF CENTRAL BANK FOREIGN EXCHANGE RESERVES

This report by Gary Smith and John Nugée, two seasoned master craftsmen of reserve currency management, investigates the lessons learned from the accumulation of foreign currency reserves over the past 20 years. It is published at an intriguing time. After two decades of rises that the authors justly qualify as unintentional, unforeseen and
unprecedented, official foreign assets around the world are starting to decline in many important countries, led by the biggest reserve owner, China.

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