HSBC Reserve Management Trends 2019
First published:
ISBN: 978 1 78272 982 2
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Reserve management: A governor’s eye view
Federico Sturzenegger
Foreword
The cashless society?
Executive summary
Trends in reserve management: 2019 survey results
Implementing a corporate bond portfolio: lessons learned at the NBP
Sovereigns and ESG: Is there value in virtue?
A methodology to measure and monitor liquidity risk in foreign reserves portfolios
Reserve management: A governor’s eye view
How Singapore manages its reserves
Appendix 1: Survey questionnaire
Appendix 2: Survey responses and comments
Appendix 3: Reserve statistics
Central bank reserve management has to deal with an ever-changing international scenario. Consider the events of 2018, for example. That year was the first in which the Fed pushed for balance-sheet normalisation and raised interest rates. In April of that year, it was common to share scenarios that anticipated many further hikes in interest rates. This scenario was mainstream and created significant change in the financing conditions in emerging economies. Fast forward to 2019, and you’ll find a Fed that suddenly pulls back (the result of Trump’s pressure?) and halts the anticipated rise in
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