The report discusses the implications of a more flexible RMB and the potential shift in investment objectives of the PBoC's reserves. It highlights the impact on EUR/USD and the need for Asian central banks to hold RMBs. The report also addresses the risks of USD investments and the potential for an Asian reallocation towards the RMB. It warns of the depletion of central banks' forward books and the impact of G3 balance sheet projections on EM financial flows.
documents/vol00010-efta01458288-pdf.pdf
{"title":"Special Report: The \"Great Accumulation\" Is Over: FX Reserves Have Peaked, Beware QT","document_date":"2015-09-01","document_type":"other","key_locations":["China","Taiwan"],"document_subtype":"financial report","key_organizations":["PBoC","Deutsche Bank","ECB","BoJ","Fed"],"reference_numbers":["DB-SDNY-0118141","SDNY_GM_00264325","EFTA01458288"]}