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February 1, 2024

Russia
Mobilizing Russia’s Immobilized Reserves

A quick note on the debate over the use of Russia’s frozen reserves.

Euro banknotes at a money exchange office.

June 29, 2023

China
How to Hide Your Foreign Exchange Reserves—A User’s Guide

A deep dive into the techniques China used to hide its foreign exchange reserves over the last twenty years 

How to Hide Your Foreign Exchange Reserves—A User’s Guide

June 15, 2023

United States
The History and Future of the Federal Reserve’s 2 Percent Target Rate of Inflation

The Federal Reserve’s 2 percent target rate of inflation is not strictly empirically derived. Should it modify this target moving forward?

Chair of the Board of Governors of the Federal Reserve Jerome H. Powell participates in a panel during the Central Bank Symposium in Stockholm, Sweden.

October 30, 2020

Currency Reserves
It Is Time To Scrap the IMF's Reserve Adequacy Metric

The IMF reserve metric isn't working: it is failing to differentiate between obviously under-reserved countries like Turkey and Argentina and adequately reserved countries like China.

It Is Time To Scrap the IMF's Reserve Adequacy Metric

August 12, 2020

United States
Weaker Dollar Means More Dollar Reserves

Large increases in dollar reserves tend to come during periods of dollar weakness, not periods of dollar strength. That is for a simple reason: many export-heavy countries still intervene heavily in …

Weaker Dollar Means More Dollar Reserves

April 12, 2024

China
China’s New Currency Peg

The peg that shall not be named, and all the trouble that creates.

China’s New Currency Peg