Held in reserve

Gary Smith

Central banks’ reserve managers are being stretched in multiple and often conflicting directions. In the final quarter of 2011, three problems in particular stand out. First, they are expected to find a safe haven for their investments in an environment of heightened concern over the creditworthiness of US debt instruments and the future value of the dollar. Second, despite Standard & Poor’s downgrade of the US (which might have been expected to undermine the safe-haven status of US sovereign de

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