Reserve managers look to exit bonds sooner as global ‘taper' looms
Central banks are looking to cut their exposure to longer-term sovereign debt as fears mount that a global normalisation of monetary policy will trigger substantial mark-to-market losses on traditional reserve holdings, according to a survey published today by Central Banking Publications.
Almost 60% of reserve managers included in the survey, conducted in conjunction with HSBC, said they believe the Federal Reserve's scaling back of monetary stimulus, in particular, will have a "major impact on
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