News Analysis
: The rise of reserve management

Reserves growth to slow?

Although in both surveys overwhelming majorities said reserves would continue to increase, the latest survey foreshadows a slowdown in the rate of growth. Almost 90% of those who replied to the 2002 survey thought it likely that the build-up in reserves would continue. This view was indeed borne out as reserves increased by as much as $1 trillion, or one-third, between the two surveys, reaching a total of $3.8 trillion in May 2004. Respondents to the 2004 survey, looking

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