Reserve managers look to exit bonds sooner as global ‘taper' looms

Fed taper has reserve managers fretting, Central Banking's survey shows

HSBC Reserve Management Trends 2014

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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