Public policy lines blur: implications for reserve managers

Crisis-fighting has pushed central banks into new forms of risk-taking, which is impacting reserve managers

Swap lines in dollars and renminbi may facilitate investment in risk assets

It was not much more than a decade ago when the overriding objective of most central banks was relatively simple: maintenance of the value of money as evidenced through price stability. Governments endowed central banks with independence to protect this mandate from potential political interference. And, by every measure, central banks have been largely successful.

Whether they have been a victim of their own success or they have been captured by a broader corporate trend of more holistic

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact customer services -, or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to FX Markets? View our subscription options

Most read articles loading...

You need to sign in to use this feature. If you don’t have a FX Markets account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: