Reserve Benchmarks 2021 report – in search of liquidity

Insights on portfolio management during the Covid-19 shock, staff and technology adaptation during the crisis, and the rise of green bonds

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Reserve managers globally reacted to the unprecedented Covid-19 shock prioritising access to liquidity. Following the “dash for cash” crisis of March and April 2020, when investors triggered a sharp liquidity shortage selling US Treasuries to hold cash, a reliable access to liquidity became paramount to portfolio managers. Pervasive uncertainty had fuelled the shock.

This was accompanied by sharp capital outflows from the emerging world

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