Executive summary

Victor Mendez-Barreira

HSBC Reserve Management Trends 2023, the 19th annual edition, is published at a time when reserve managers face an uncertain market environment, geopolitical tensions and the sharpest monetary tightening cycle in over four decades. The book reflects on the challenges posed by a longer period of higher inflation, high policy rates and yields. But it also analyses the ideas that central banks are implementing to preserve, and, if possible, boost, the value of their reserve portfolios.

One thing is already clear: reserve departments are continuing to become increasingly sophisticated and

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