IMF to change exchange-rate surveillance methods

The International Monetary Fund (IMF) on Tuesday is to alter the way in which its monitors members' exchange-rate policies.

The new measures are based on four principles:

· that authorities avoid manipulating exchange rates or the international monetary system to prevent effective balance of payments adjustments or to gain an unfair competitive advantage;

· that authorities intervene in the exchange market to counter disorderly movements;

· that authorities consider the impact of their

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Geoeconomic reserve management

The world order is evolving. Whether, and how, the international economy remains integrated or shifts into spheres of influence has consequences for central bank policy and reserve management.

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