Browse publications and news about FX reserves
This paper examines the evolving role of the US dollar in the international monetary system through the lens of reserve manager behaviour. Publication: https://hitelintezetiszemle.mnb.hu/en/fer-25-2-ove1-castelli
Explores the economic, legal, and geopolitical consequences of using €260–300 billion in frozen Russian central bank reserves as collateral for a €140 billion loan to Ukraine. Analyses three endgame scenarios, the erosion of sovereign immunity doctrine, and how the mechanism repositions the euro from a neutral transactional currency into a rules-based reserve currency conditioning financial access on compliance with international law.
United States leads the global league table due to its large public pension funds, while it may need more allocation to the new SWF. Both China and United States each have more sovereign investor assets than the combined assets of 172 smaller countries.
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