Appendix 2: Survey responses and comments

Robert Pringle and Nick Carver

Below are comments provided by reserve managers to our survey questions.

1. Which in your view are the most significant risks facing reserve managers in 2019? (Please rank the following 1–5, with 1 being the most significant.)

A trade war between the two largest global economies ultimately affects other economies, directly or indirectly.

A US/China trade war puts global growth at risk, while Brexit fuels uncertainty in euro markets. Stock valuations are stretched and very sensitive to negative news.

All the events that risk globalisation also threaten the worldwide economy, and

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