HSBC Reserve Management Trends 2019
First published:
ISBN: 978 1 78272 982 2
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Foreword
Christian Déséglise
Foreword
Foreword
The cashless society?
Executive summary
Trends in reserve management: 2019 survey results
Implementing a corporate bond portfolio: lessons learned at the NBP
Sovereigns and ESG: Is there value in virtue?
A methodology to measure and monitor liquidity risk in foreign reserves portfolios
Reserve management: A governor’s eye view
How Singapore manages its reserves
Appendix 1: Survey questionnaire
Appendix 2: Survey responses and comments
Appendix 3: Reserve statistics
What a difference a year makes! Early last year, investor sentiment was running high. The IMF was hailing “the broadest synchronised global growth upsurge since 2010”. The path of steady monetary policy tightening looked assured in the US. The UK seemed to be following suit and the European Central Bank had started reducing its net asset purchases.
Within a few months, however, a combination of trade and geopolitical tensions, the rise of populism in Europe, and mounting uncertainty around Brexit altered sentiment drastically. The Chinese economy displayed worrying signs of weakness. The
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