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On The Edge Of Collapse: Turkish Lira Plummets As Central Bank Burns Through A Third Of Reserves
On The Edge Of Collapse: Turkish Lira Plummets As Central Bank Burns Through A Third Of Reserves The Turkish lira resumed its plunge on Thursday following a sharp rebound on Tuesday when Turkish authorities unleashed an unprecedented assault on lira shorts, helping push the TRY briefly higher ahead of regional elections, after a disappointing reading […]
China Accelerates Renewed Gold-Buying Spree “To Diversify Its Reserves”
China Accelerates Renewed Gold-Buying Spree “To Diversify Its Reserves” After China’s official gold reserves rose for the first time in around two years (since Oct 2016) in December, Beijing appears to have joined the global gold rush, increasing its gold reserves for the second month in a row in January to 59.94 million ounces. As […]
Which Emerging Markets Will Run Out Of Money First: Here Is The Answer
Which Emerging Markets Will Run Out Of Money First: Here Is The Answer For years, in fact for the duration of the US dollar’s use as a global carry currency, Emerging Markets – especially those with a currency peg – were a welcome destination for yield starved US investors who found an easy source of […]
As Petro-Yuan Looms, Bundesbank Adds Renminbi To Currency Reserves
As Petro-Yuan Looms, Bundesbank Adds Renminbi To Currency Reserves Just days after China’s (denied) threat to slow/stop buying US Treasuries, and just days before the launch of China’s petro-yuan futures contract, Germany’s central bank confirmed it would include China’s Renminbi in its reserves. The FT reports that Andreas Dombret, a member of Deutsche Bundesbank’s executive […]
Russia Warns Washington: Confiscating Gold Reserves Would Be “Declaration Of Financial War”
Russia Warns Washington: Confiscating Gold Reserves Would Be “Declaration Of Financial War” In a surprising, and unexpected warning – which seemingly came out of nowhere – Russia’s Finance Minister Anton Siluanov cautioned Washington yesterday that “If our gold and currency reserves can be arrested, even if such a thought exists, it would be financial terrorism.” […]
Dying Petrodollar Ripples Through Markets As Asset Managers Bemoan Loss Of Saudi Bid
Dying Petrodollar Ripples Through Markets As Asset Managers Bemoan Loss Of Saudi Bid One of the key things to understand about China’s liquidation of hundreds of billions in US paper is that far from being a country-specific phenomenon, it actually marks the continuation of something that’s been taking place in other emerging markets for some […]
Meet the bureaucrat who had the courage to tell the truth (and probably won’t have a job tomorrow)
Meet the bureaucrat who had the courage to tell the truth (and probably won’t have a job tomorrow) It’s not very often that you hear a senior government official refer to their economic situation using the word ‘crisis’. Yet with uncharacteristic bluntness of any government official anywhere, at least one senior Chinese government official is […]
Turkey’s Central Bank Raises Ratio for FX Reserve Requirements – Bloomberg
Turkey’s Central Bank Raises Ratio for FX Reserve Requirements – Bloomberg. Turkey’s central bank increased the foreign-currency reserve ratios required of banks and financing companies, after a month in which the lira was among the world’s worst-performing emerging-markets currencies. The revision announced today is intended to make sure institutions can meet foreign-exchange liabilities. It would […]
