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

renminbi-dollar-counting-china
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

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