Feature/Reserves
The allure of private markets
SWFs have piled into the asset class while reserve managers remain wary
Central bank assets enjoy ‘99%’ immunity
Why central bank assets possess legal immunity – but not from sanctions
Ukraine: the challenges for central banks
Rules on the weaponisation of money would help to protect a ‘public good’ amid geopolitical splits in a testing environment for central banks, write Gavin Bingham, Paul Fisher and Andrew Large
Will the dollar remain the world’s reserve currency?
Bank of Russia sanctions raise questions about the US dollar’s central role
Does Switzerland need an SWF?
A sovereign wealth fund could adopt longer-term strategies, invest in less liquid assets and increase exposures to riskier assets
How Turkey’s president created chaos in economic policy-making
Observers allege presidential domination of the central bank, unauthorised FX transactions and untrustworthy statistics
Should the Fed’s Fima facility be made permanent?
Emergency repo facility reassures reserve managers about access to cash during breakdown in US Treasuries market
The ultimate store of value
Róbert Rékási speaks to Central Banking about how Covid-19 has changed gold investment trends
Has Covid-19 made gold shine brighter?
The price of gold has skyrocketed this year, but central banks have not flocked to invest as they have done in the past, write Rachael King and Victor Mendez‑Barreira.
Gold reserves in central banks – 2020 survey results
Reserve managers share their views on future gold holdings, target allocations, purchasing and storage approaches, the use of ETFs, and the impact of Covid-19, in the results of a new joint Central Banking-Invesco survey. By Nick Carver and Robert Pringle
The complex art of reserve management
Lockdown represents another inflection point for central banks managing $12 trillion in FX reserves
How Singapore manages its reserves
MAS’s Menon explains use of customised fixed income benchmarks and factor-based models
Renminbi reserves are still relatively small
Renminbi investments still account for much smaller fraction of global forex reserves than China’s significance in world economy would merit
The PBoC’s efforts to solve the ‘impossible trinity’
Chinese central bank intervenes to manage offshore renminbi rate
Is the pursuit of a common accounting standard for monetary gold a fool’s errand?
More consistency could address transparency and independence concern
Implementing a holistic and dynamic risk budget
New policy-risk approach led to reassessment of investment exposures and how they are rebalanced
The optimal size for central bank balance sheets
Charles Goodhart examines role of monetary and fiscal agents
Risk management services provider of the year: OpenLink
Findur updates help Bank of Canada to post collateral
Reserve manager of the year: Bank of Israel
For its portfolio optimisation and breakthroughs in sensitivity analysis