Reserve Benchmarks 2021 report – in search of liquidity

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. Some central banks in these jurisdictions started to

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