The report discusses the impact of changes in global FX reserves on currency exchange rates and fixed income markets. It highlights the correlation between global reserves and EUR/USD fluctuations, and the potential depreciation of EUR/USD due to shocks in global reserves. The report also examines the influence of declining FX reserves on developed market yields, referencing historical perspectives such as Ben Bernanke's 'savings glut' theory and the 'bond conundrum'.
documents/vol00010-efta01458292-pdf.pdf
{"title":"Special Report: The treat Accumulation' Is Over: FX Reserves Have Peaked","key_people":["Ben Bernanke"],"document_date":"2015-09-01","document_type":"other","key_organizations":["Deutsche Bank","ECB"],"reference_numbers":["DB-SDNY-0118146","SDNY_GM_00264330","EFTA01458292"]}