BIS: EM central banks up FX intervention to preserve stability

Maintaining financial stability shown to be increasingly important for EM central banks operating in FX markets

Emerging markets
Between 2009 and 2014, EM FX reserves rose from $4 trillion to $7 trillion

The central banks of emerging market (EM) economies have become more active at intervening in foreign exchange markets since the financial crisis, helped by the near doubling of foreign reserves they hold, with the aim of smoothing exchange rate fluctuations, the Bank for International Settlements (BIS) says in its latest quarterly review.

The BIS identifies two trends that may have caused EM central banks to boost their involvement in FX markets for the sake of stability: the rapid upswing of

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