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Trends in Global Foreign Currency Reserves

Author

Listed:
  • David Sunner

    (Reserve Bank of Australia)

Abstract

Over the decade to 2014, global foreign currency reserves doubled relative to GDP, though balances have declined a little since then. Accompanying this growth has been a shift in the composition of reserves towards higher-yielding assets, including equities and non-traditional reserve currencies, such as the Australian dollar. This article examines the overall growth trend as well as the potential causes of the compositional shift in reserves, including a decline in yields offered by traditional reserve assets and higher reserve balances.

Suggested Citation

  • David Sunner, 2017. "Trends in Global Foreign Currency Reserves," RBA Bulletin (Print copy discontinued), Reserve Bank of Australia, pages 75-84, September.
    • Handle: RePEc:rba:rbabul:sep2017-09
    as

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    File URL: https://www.rba.gov.au/publications/bulletin/2017/sep/pdf/bu-0917-9-trends-in-global-foreign-currency-reserves.pdf
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    References listed on IDEAS

    as
    1. Bank of Thailand, 2013. "Foreign exchange policy and intervention under inflation targeting in Thailand," BIS Papers chapters, in: Bank for International Settlements (ed.), Sovereign risk: a world without risk-free assets?, volume 73, pages 325-333, Bank for International Settlements.
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    Cited by:

    1. Javier Bianchi & Cesar Sosa-Padilla, 2018. "Reserve Accumulation, Macroeconomic Stabilization and Sovereign Risk," 2018 Meeting Papers 1166, Society for Economic Dynamics.
    2. Cangoz,Mehmet Coskun & Sulla,Olga & Wang,ChunLan & Dychala,Christopher Benjamin, 2019. "A Joint Foreign Currency Risk Management Approach for Sovereign Assets and Liabilities," Policy Research Working Paper Series 8728, The World Bank.
    3. Nikolova, Irena, 2021. "Impact of Covid Pandemic on Foreign Exchange Reserves," MPRA Paper 111261, University Library of Munich, Germany, revised 2021.

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    1. Mr. David J Hofman & Mr. Marcos d Chamon & Mr. Pragyan Deb & Mr. Thomas Harjes & Umang Rawat & Itaru Yamamoto, 2020. "Intervention Under Inflation Targeting--When Could It Make Sense?," IMF Working Papers 2020/009, International Monetary Fund.

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