Reserve managers seek alternatives to USD and EUR

Steven Saywell at BNP Paribas

The release of the latest data on foreign exchange reserves by the International Monetary Fund (IMF) on September 30 is a timely reminder of the trends in central bank reserve management. Reserve managers control a considerable quantum of foreign exchange stock and have the ability to significantly augment market movements. A few clear trends have emerged in the latest report.

First, FX reserve growth has slowed over the past year. Looking at the countries that report reserve holdings to the IMF

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