Emerging currencies face uphill battle for true internationalisation
BIS report warns costs of an international currency might outweigh the benefits
Investment by emerging market official institutions in the currencies of other emerging market economies (EMEs) has grown during the past decade but still shows little sign of catching up with investments in the traditional reserve currencies, according to a survey of EME central banks published by the Bank for International Settlements (BIS).
According to a paper on the internationalisation of EME currencies, written by two BIS economists and published alongside the survey submissions, inertia
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