Buba's Remsperger on global imbalances

In the speech 'Global imbalances and policy implications' given on 9 May Hermann Remsperger of the Deutsche Bundesbank said the build-up of currency reserves in some Asian countries has now lost momentum.

"Last year in July, the transition to a new exchange rate regime was initiated in China. Overall, this means that some modification of the exchange rate arrangements has now been put in place."

"This transformation is also reflected in the US financial account. In 2005, unlike earlier years

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