Reserves
Interview: George Milling-Stanley
As George Milling-Stanley leaves his role as managing director, government affairs at the World Gold Council, he summarises gold market trends and its role in central banks' reserve portfolios
RMB’s rise to reserve currency status accelerates
Renminbi progresses towards becoming a reserve currency in its own right; a number of central banks have begun to diversify into the Chinese currency
Priorities shift for reserve managers
Central bank reserve managers discuss focusing on safety of investments after the financial crisis; see uncertain future for global financial system
RBI paper denies large gold purchase drove up market prices
Reserve Bank of India study says 200-tonne purchase of gold from IMF did not have sizable impact on gold price trend
Central banks shy away from euro reserves
New data from the IMF’s currency reserves database suggests reserves accumulation has slowed during 2011 and the appetite to hold euro reserves has also waned, particularly in emerging markets
ECB’s Bini Smaghi revisits Triffin dilemma
European Central Bank executive board member Lorenzo Bini Smaghi says tension persists between short-term domestic policy incentives and stability of international monetary system
Bank of Lithuania opens its doors to the public
Bank of Lithuania invites the general public to see inside the bank as part of the joint birthday celebration of the central bank and the national currency
SNB considers ceasing shareholder dividend payments
Swiss National Bank vice-chairman says central bank may stop paying dividends to its shareholders in order to rebuild its depleted capital base
European central bank gold sales lowest since 1999
European central banks sold just 1.1 tonnes in last 12 months; lowest since Central Bank Gold Agreements began
MPC member Broadbent discusses sterling depreciation
Ben Broadbent analyses the cause and consequences of the sterling’s depreciation between 2007 and 2008
Aussie dollar gains result in $4.78 billion loss for central bank
Reserve Bank of Australia records massive loss during 12 months to June due to decline in valuation of foreign asset reserves
Fund directors split on excess gold profits
IMF’s executive board divided over use of windfall profit from gold sales; plans to revisit potential uses in late 2011
Central banks open new chapter as large net gold buyers
Thomson Reuters GFMS Gold Survey 2011 shows net official purchases of gold rose to more than 200 tonnes during the first half of the year; forecasts gold to reach $2,000 by year-end
Libya wants assets released sooner
Return of unfrozen Libyan assets "slow"; draft UN resolution circulated to release more
South Korea advertises for new reserve manager
Bank of Korea seeks reserve manager; follows first gold purchase for years this summer
China moves closer to renminbi inclusion in SDR
Comments by Chinese officials hinting renminbi will be fully convertible by 2015 open door to inclusion of currency in IMF’s special drawing rights basket
Carstens content with Mexican position
Governor of Mexican central bank says country is in a strong policy position; ready to act if global economy worsens
Libyan gold sold as Gaddafi regime ended
“Official” central bank assets safe, says new central bank governor; former dictator sold 29 tonnes of gold as opposition closed in
Kazakhstan puts faith in gold
Governor announces central bank will buy entire domestic gold bullion output until at least 2014
Fears over Libyan central bank money realised: reports
Multi-vehicle convoy arrives in Niger carrying central bank cash and gold
Central banks’ flight to safety in reserve holdings continues
Reports continue to emerge from around the world of central banks diversifying their foreign currency reserves and adding to gold holdings
Thailand's finance minister supports SWF plan
Thai finance minister Thirachai Phuvanatnaranubala urges central bank to consider establishment of sovereign wealth fund to manage foreign currency exposure
ECB foreign reserve managers need different incentives; working paper
Research suggests new rewards system for foreign reserve managers would help align results with ECB preferred outcomes
‘Astronomical’ Chinese reserves under scrutiny: Fed paper
Federal Reserve Bank of St. Louis working paper highlights drawbacks to current global-imbalance literature when trying to assess situation in China