644:(SNB) announced that it intended to buy foreign exchange to prevent the Swiss franc from further appreciation. Affected by the SNB purchase of euros and US dollars, the Swiss franc weakened from 1.48 against the euro to 1.52 in a single day. At the end of 2009, the currency risk seemed to be solved; the SNB changed its attitude to preventing substantial appreciation. Unfortunately, the Swiss franc began to appreciate again. Thus, the SNB stepped in one more time and intervened at a rate of more than CHF 30 billion per month. By the end of June 17, 2010, when the SNB announced the end of its intervention, it had purchased an equivalent of $ 179 billion of Euros and U.S. dollars, amounting to 33% of Swiss GDP. Furthermore, in September 2011, the SNB influenced the foreign exchange market again, and set a minimum exchange rate target of SFr 1.2 to the Euro.
403:(BIS) paper published in 2015, the authors describe the common reasons central banks intervene. Based on a BIS survey, in foreign exchange markets "emerging market central banks" use the strategy of "leaning against the wind" "to limit exchange rate volatility and smooth the trend path of the exchange rate". In their 2005 meeting on foreign exchange market intervention, central bank governors had noted that, "Many central banks would argue that their main aim is to limit exchange rate volatility rather than to meet a specific target for the level of the exchange rate". Other reasons cited (that do not target the exchange rate) were to "slow the rate of change of the exchange rate", "dampen exchange rate volatility", "supply liquidity to the forex market", or "influence the level of foreign reserves".
420:
suspension of the dollar's convertibility to gold in 1971, after the dollar struggled throughout the late 1960s in light of large increases in the price of gold. An attempt to revive the fixed exchange rates failed, and by March 1973 the major currencies began to float against each other. Since the end of the traditional
Bretton Woods system, IMF members have been free to choose any form of exchange arrangement they wish (except pegging their currency to gold), such as: allowing the currency to float freely, pegging it to another currency or a basket of currencies, adopting the currency of another country, participating in a currency bloc, or forming part of a monetary union. The end of the traditional Bretton Woods system in the early 1970s led to widespread but not universal currency management.
266:
258:
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Simultaneously, confidence in the financial sector waned, and several banks failed. During the period, the Bank of Japan, having become legally independent in March 1998, aimed at stimulating the economy by ending deflation and stabilizing the financial system. The "availability and effectiveness of traditional policy instruments was severely constrained as the policy interest rate was already virtually at zero, and the nominal interest rate could not become negative (the zero bound problem)."
842:, on the other hand, asserted in 2010 the U.S. protectionism via tariffs will hurt the U.S. economy far more than Chinese devaluation. Similarly, others have stated that the undervalued yuan has actually hurt China more in the long run insofar that the undervalued yuan does not subsidize the Chinese exporter, but subsidizes the American importer. Thus, importers within China have been substantially hurt due to the Chinese government's intention to continue to grow exports.
513:
975:
857:, economist Ed Dolan, William L. Clayton Professor of International Economic Affairs at the Fletcher School, Tufts University Michael W. Klein, Harvard University Kennedy School of Government Professor Jeffrey Frankel, Bloomberg columnist William Pesek, Quartz reporter Gwynn Guilford, The Wall Street Journal Digital Network Editor-In-Chief Randall W. Forsyth, United Courier Services, and China Learning Curve.
789:
652:
To maintain price stability and lower the franc's value, the SNB created new francs and used them to buy euros. Increasing the supply of francs relative to euros on foreign-exchange markets caused the franc's value to fall (ensuring the euro was worth 1.2 francs). This policy resulted in the SNB amassing roughly $ 480 billion-worth of foreign currency, a sum equal to about 70% of Swiss GDP.
349:. If the exchange rate volatility increases the risk of holding domestic assets, then prices of these assets would also become more volatile. The increased volatility of financial markets would threaten the stability of the financial system and make monetary policy goals more difficult to attain. Therefore, authorities conduct currency intervention.
870:
that had previously limited sudden movements in the currency's value. Earlier steps to raise interest rates by 150 basis points to 9.5 percent failed to stop the ruble's decline. The central bank sharply adjusted its macroeconomic forecasts. It stated that Russia's foreign exchange reserves, then the fourth largest in the world at roughly
534:, which, in turn, induces changes in broader monetary aggregates, interest rates, market expectations and ultimately the exchange rate. As we have shown in the previous example, the purchase of foreign-currency bonds leads to the increase of home-currency money supply and thus a decrease of the exchange rate.
900:
The
Russian central bank response was twofold: first, continue using Russia's large foreign currency reserve to buy rubles on the forex market in order to maintain its value through artificial demand on a larger scale. The same week of the December 15 drop, the Russian central bank sold an additional
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program to combat euro deflation. The consequent devaluation of the euro would require the SNB to further devalue the franc had they decided to maintain the fixed exchange rate. Third, due to recent euro depreciation in 2014, the franc lost roughly 12% of its value against the USD and 10% against the
658:
asserts that the SNB dropped the cap for the following reasons: first, rising criticisms among Swiss citizens regarding the large build-up of foreign reserves. Fears of runaway inflation underlie these criticisms, despite inflation of the franc being too low, according to the SNB. Second, in response
820:
The more depreciated China’s exchange rate — the higher the price of the dollar in yuan — the more dollars China earns from exports, and the fewer dollars it spends on imports. (Capital flows complicate the story a bit, but don’t change it in any fundamental way). By keeping its current artificially
715:
By 2014, critics of
Japanese currency intervention asserted that the central bank of Japan was artificially and intentionally devaluing the yen. Some state that the 2014 US-Japan trade deficit — $ 261.7 billion — was increased unemployment in the United States. Bank of Korea Governor Kim Choong Soo
647:
On
January 15, 2015, the SNB suddenly announced that it would no longer hold the Swiss Franc at the fixed exchange rate with the euro it had set in 2011. The franc soared in response; the euro fell roughly 40 percent in value in relation to the franc, falling as low as 0.85 francs (from the original
561:
Even if domestic and foreign assets are perfectly substitutable with each other, sterilized intervention is still effective. According to the signaling channel theory, agents may view exchange rate intervention as a signal about the future stance of policy. Then the change of expectation will affect
487:
For example, aiming at decreasing the exchange rate/price of the domestic currency, authorities could purchase foreign currency bonds. During this transaction, extra supply of domestic currency will drag down domestic currency price, and extra demand of foreign currency will push up foreign currency
305:
in order to advance a variety of economic objectives: controlling inflation, maintaining competitiveness, or maintaining financial stability. The precise objectives are likely to depend on the stage of a country's development, the degree of financial market development and international integration,
804:
allegedly devalued yuan by buying large amounts of US dollars with yuan, thus increasing the supply of the yuan in the foreign exchange market, while increasing the demand for US dollars, thus increasing the price of USD. According to an article published in KurzyCZ by
Vladimir Urbanek, by December
694:
trigged significant inflation in
Switzerland, the SNB experienced a turn-around in monetary policies. Rather than buying foreign currencies to lower the value of the Swiss franc, the national bank reduced assets in foreign money to curb imported inflation. After massive over-evaluations in 2019 and
651:
As investors flocked to the franc during the financial crisis, they dramatically pushed up its value. An expensive franc may have large adverse effects on the Swiss economy; the Swiss economy is heavily reliant on selling things abroad. Exports of goods and services are worth over 70% of Swiss GDP.
520:
The largest empirical study on effectiveness shows success around 80% when it comes to managing volatility of a currency. A meta-analysis based on 300 different estimations on the effectiveness of the practice show that, on average, a $ 1 billion dollar purchase depreciates domestic currency in 1%.
475:
For example, desiring to decrease the exchange rate, expressed as the price of domestic currency, without changing the monetary base, the monetary authority purchases foreign-currency bonds, the same action as in the last section. After this action, in order to keep the monetary base unchanged, the
431:
Quite unlike their experiences in the early 2000s, several countries that had at different times resisted appreciation pressures suddenly found themselves having to intervene against strong depreciation pressures. The sharp rise in the US long-term interest rate from May to August 2013 led to heavy
944:
In March and April 2015, with the stabilization of oil prices, the ruble has made a surge, which
Russian authorities have deemed a "miracle". Over three months, the ruble gained 20 percent against the US dollar, and 35 percent against the euro. The ruble was the best performing currency of 2015 in
546:
intervention is more controversial and ambiguous. By definition, the sterilized intervention has little or no effect on domestic interest rates, since the level of the money supply has remained constant. However, according to some literature, sterilized intervention can influence the exchange rate
463:
Sterilized intervention is a policy that attempts to influence the exchange rate without changing the monetary base. The procedure is a combination of two transactions. First, the central bank conducts a non-sterilized intervention by buying (selling) foreign currency bonds using domestic currency
948:
Current
Russian foreign reserves sit at $ 360 billion. In response to the ruble's surge, the Russian central bank lowered its key interest rate further to 14 percent in March 2015. The ruble's recent gains have been largely accredited to oil price stabilization and the calming of conflict in
920:
Second, increase interest rates dramatically. The central bank increased the key interest rate 650 basis points from 10.5 percent to 17 percent, the world's largest increase since 1998, when
Russian rates soared past 100 percent and the government defaulted on its debt. The central bank hoped the
869:
decided to fully float the ruble in response to its biggest weekly drop in 11 years (roughly 6 percent drop in value against USD). In doing so, the central bank abolished the dual-currency trading band within which the ruble had previously traded. The central bank also ended regular interventions
571:
According to the
Peterson Institute, there are four groups that stand out as frequent currency manipulators: longstanding advanced and developed economies, such as Japan and Switzerland, newly industrialized economies such as Singapore, developing Asian economies such as China, and oil exporters,
554:
In the portfolio balance approach, domestic and foreign bonds are not perfect substitutes. Agents balance their portfolios among domestic money and bonds, and foreign currency and bonds. Whenever aggregate economic conditions change, agents adjust their portfolios to a new equilibrium, based on a
379:
Research and experience suggest that the instrument is only effective (at least beyond the very short term) if seen as foreshadowing interest rate or other policy adjustments. Without a durable and independent impact on the nominal exchange rate, intervention is seen as having no lasting power to
719:
In 2013, Japanese Finance Minister Taro Aso stated Japan planned to use its foreign exchange reserves to buy bonds issued by the European Stability Mechanism and euro-area sovereigns, in order to weaken the yen. The U.S. criticized Japan for undertaking unilateral sales of the yen in 2011, after
391:
Developing countries, on the other hand, do sometimes intervene, presumably because they believe the instrument to be an effective tool in the circumstances and for the situations they face. Objectives include: to control inflation, to achieve external balance or enhance competitiveness to boost
572:
such as Russia. China's currency intervention and foreign exchange holdings are unprecedented. It is common for countries to manage their exchange rate via central bank to make their exports cheap. That method is being used extensively by the emerging markets of Southeast Asia, in particular.
419:
of fixed exchange rates, intervention was used to help maintain the exchange rate within prescribed margins and was considered to be essential to a central bank's toolkit. The dissolution of the Bretton Woods system between 1968 and 1973 was largely due to President Richard Nixon's “temporary”
711:
In response of deflationary pressures, the Bank of Japan, in coordination with the Ministry of Finance, launched a reserve targeting program. The BOJ increased the commercial bank current account balance to ÂĄ35 trillion. Subsequently, the MoF used those funds to purchase $ 320 billion in U.S.
707:
period. After experiencing economic boom, the Japanese economy slowly declined in the early 1990s and entered a deflationary spiral in 1998. Within this period, Japanese output was stagnating; the deflation (negative inflation rate) was continuing, and the unemployment rate was increasing.
464:
that it issues. Then the central bank "sterilizes" the effects on the monetary base by selling (buying) a corresponding quantity of domestic-currency-denominated bonds to soak up the initial increase (decrease) of the domestic currency. The net effect of the two operations is the same as a
815:
argued in 2010, that China intentionally devalued its currency to boost its exports to the United States and as a result, widening its trade deficit with the US. Krugman suggested at that time, that the United States should impose tariffs on Chinese goods. Krugman stated:
500:(taxes or restrictions on international transactions in assets), and exchange controls (the restriction of trade in currencies). Those policies may lead to inefficiencies or reduce market confidence, or in the case of exchange controls may lead to the creation of a
936:
As oil prices began to stabilize in February–March 2015, the ruble likewise stabilized. The Russian central bank has decreased the key rate from its high of 17 percent to its current 15 percent as of February 2015. Russian foreign reserves currently sit at
716:
has urged Asian countries to work together to defend themselves against the side-effects of Japanese Prime Minister Shinzo Abe's reflation campaign. Some have stated this campaign is in response to Japan's stagnant economy and potential deflationary spiral.
808:
There has been much disagreement on how the United States should respond to Chinese devaluation of the yuan. This is partly due to disagreement over the actual effects of the undervalued yuan on capital markets, trade deficits, and the US domestic economy.
945:
the forex market. Despite being far from its pre-recession levels (in January 2014, US$ 1 equaled roughly 33 Russian rubles), it is currently trading at roughly 52 rubles to US$ 1 (an increase in value from 80 rubles to US$ 1 in December 2014).
896:
and economic sanctions imposed by the West in response to the Russian annexation of Crimea led to worsening Russian recession. On December 15, 2014, the ruble dropped as much as 19 percent, the worst single-day drop for the ruble in 16 years.
928:
in reserves. Russian foreign reserves at this point stood at $ 368.3 billion, greatly below the central bank's initial forecast for 2015. Since the collapse in global oil prices in June 2014, Russian reserves have fallen by over
529:
In general, there is a consensus in the profession that non-sterilized intervention is effective. Similarly to the monetary policy, nonsterilized intervention influences the exchange rate by inducing changes in the stock of the
344:
for firms. As a result, investors are unwilling to make investment in foreign financial assets. Firms are reluctant to engage in international trade. Moreover, the exchange rate fluctuation would spill over into the other
667:
Following the SNB's announcement, the Swiss stock market sharply declined; due to a stronger franc, Swiss companies would have had a more difficult time selling goods and services to neighboring European citizens.
1607:
805:
2012, China's foreign exchange reserve held roughly $ 3.3 trillion, making it the highest foreign exchange reserve in the world. Roughly 60% of this reserve was composed of US government bonds and debentures.
432:
pressures in currency markets. Several EMEs sold large amounts of forex reserves, raised interest rates and – equally important – provided the private sector with insurance against exchange rate risks.
484:
Non-sterilized intervention is a policy that alters the monetary base. Specifically, authorities affect the exchange rate through purchasing or selling foreign money or bonds with domestic currency.
375:
market intervention is largely used by the central banks of developing countries, and less so by developed countries. There are a few reasons most developed countries no longer actively intervene:
723:
By 2013, Japan held $ 1.27 trillion in foreign reserves according to finance ministry data. In 2022, in the context of a dollar appreciation, Japan intervened again on foreign exchange markets.
1659:
352:
In addition, when economic conditions change or when the market misinterprets economic signals, authorities use foreign exchange intervention to correct exchange rates, in order to avoid
1138:
Lucio Sarno and Mark P. Taylor, “Official Intervention in the Foreign Exchange Market: Is It Effective and, If So, How Does It Work?,” Journal of Economic Literature 39.3 (2001): 839-68.
772:. The findings showed that the ruler used the bank for financial advice as well as for manipulating the value of the Qatari riyal in a coordinated attack aimed at deleting the country’s
1424:
675:
referendum were announced, the SNB gave a rare confirmation that it had increased foreign currency purchases again, as evidenced by a rise of commercial deposits to the national bank.
2092:
853:
Policy and Government Affairs Manager Clark Packard, entrepreneur and Forbes contributor Louis Woodhill, Henry Kaufman Professor of Financial Institutions at Columbia University
780:
read, “Control the yield curve, decide the future.” The statement belonged to a presentation made by one of the ex-Banque Havilland analysts that called for the attack in 2017.
1127:
On 2 and 3 December 2004, the BIS hosted a meeting of Deputy Governors of central banks from major emerging market economies to discuss foreign exchange market intervention.
1773:
1820:
640:
appreciated "owing to a flight to safety and to the repayment of Swiss franc liabilities funding carry trades in high yielding currencies." On March 12, 2009, the
1729:
476:
monetary authority conducts a new transaction, selling an equal amount of domestic-currency bonds, so that the total money supply is back to the original level.
325:. Central banks generally agree that the primary objective of foreign exchange market intervention is to manage the volatility and/or influence the level of the
1794:
821:
weak — a higher price of dollars in terms of yuan — China generates a dollar surplus; this means the Chinese government has to buy up the excess dollars.
1632:
1667:
2111:
2163:
1428:
1956:
1521:
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variety of considerations, i.e., wealth, tastes, expectation, etc.. Thus, these actions to balance portfolios will influence exchange rates.
427:(EMEs) had to "re-examine their foreign exchange market intervention strategies" because of "huge swings in capital flows to and from EMEs.
756:
reviewed a large number of emails, legal filings and documents, along with interviews conducted with the former officials and insiders of
1045:
743:. The action followed a significant amount of volatility in the exchange rates of the Qatari riyal during the first eight months of the
1849:
244:
1125:, no. 24, Foreign exchange market intervention in emerging markets: motives, techniques and implications, p. 3, May 2005,
720:
Group of Seven economies jointly intervened to weaken the currency in the aftermath of the record earthquake and tsunami that year.
679:
coupled with targeted foreign currency purchases have helped to limit the strength of the Swiss Franc in a time when the demand for
1582:
455:
or not, currency intervention can be distinguished between non-sterilized intervention and sterilized intervention, respectively.
1915:
1870:
393:
1834:
695:
2020, the Swiss franc was "no longer over-valued" in relation to other currencies, which allowed the bank to intervene less.
596:
tool of the Federal Reserve system that may intervene to counter disorderly market conditions. In 2014, a number of large
2130:
2059:
294:
buys or sells foreign currency in exchange for its own domestic currency, generally with the intention of influencing the
1369:
1157:
1120:
1092:
761:
400:
2026:
1190:
1309:
889:
On December 11, the Russian central bank raised the key rate by 100 basis points, from 9.5 percent to 10.5 percent.
2314:
1488:
2285:
2181:
1895:
1572:
Mayumi Otsuma, “Japan to Buy European Debt with Currency Reserves to Weaken Yen”, Bloomberg News, 2013: par. 1-8.
629:
472:. With sterilization, any purchase of foreign exchange is accompanied by an equal-valued sale of domestic bonds.
105:
2226:
237:
1977:
1271:
1270:
Arango-Lozano, LucĂa; Menkhoff, Lukas; RodrĂguez-Novoa, Daniela; Villamizar-Villegas, Mauricio (2020-10-07).
988:
980:
447:
Direct currency intervention is generally defined as foreign exchange transactions that are conducted by the
269:
US lawmakers discussing the Currency Harmonization Initiative Through Neutralizing Action (CHINA) Act of 2005
496:
Indirect currency intervention is a policy that influences the exchange rate indirectly. Some examples are
1470:
997:
1749:
1505:
683:
currencies is increasing. Such interventions assure the price competitiveness of Swiss products in the
589:
59:
2266:
2247:
1936:
1310:"Official Intervention in the Foreign Exchange Market: Is It Effective and, If So, How Does It Work?"
801:
773:
543:
230:
49:
2001:
850:
739:(FAB) for $ 55 million, over its failure to cooperate in a probe into possible manipulation of the
167:
764:
and his private banking service went, in order to serve one of its customers, the Crown Prince of
340:
When there is inordinate instability, exchange rate uncertainty generates extra costs and reduces
845:
The view that China manipulates its currency for its own benefit in trade has been criticized by
744:
664:
rupee (exported goods and services to the U.S. and India account for roughly 20% Swiss exports).
372:
322:
321:
There are many reasons a country's monetary and/or fiscal authority may want to intervene in the
302:
151:
136:
95:
1689:
1182:
1175:
257:
866:
732:
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617:
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through two channels: the portfolio balance channel and the expectations or signaling channel.
213:
64:
1071:
Foreign exchange market intervention in emerging markets: motives, techniques and implications
265:
1401:
1006:
172:
141:
54:
1660:"China's foreign exchange reserves at the end of 2012 grew to 3.3 trillion, from +700% L.04"
1034:
Joseph E. Gagnon, “Policy Brief 12-19”, Peterson Institute for International Economic, 2012.
854:
736:
691:
416:
334:
282:
74:
69:
44:
1774:"Donald Trump Should Apologize to China, and Turn His Wrath On the Fed | RealClearMarkets"
1222:
796:
In the 1990s and 2000s, there was a marked increase in American imports of Chinese goods.
337:
erodes market confidence and affects both the financial market and the real goods market.
8:
1221:
Fratzscher, Marcel; Gloede, Oliver; Menkhoff, Lukas; Sarno, Lucio; Stöhr, Tobias (2019).
1011:
680:
660:
641:
380:
influence the real exchange rate and thus competitive conditions for the tradable sector.
310:
1694:
1269:
966:
831:
769:
448:
353:
341:
313:
with respect to some other currency or to a weighted average of some other currencies.
79:
2319:
2138:
2067:
2034:
1365:
1290:
1252:
1186:
1098:
346:
1730:"PolitiFact - Trump says China gets an advantage from the Trans-Pacific Partnership"
1206:
Neely, Christopher (November–December 1999). "An Introduction to Capital Controls".
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581:
497:
424:
198:
131:
100:
1359:
1149:
597:
593:
384:
287:
126:
1715:
Jonathan M. Finegold Catalan, "A Closer Look at China's Currency Manipulation",
1150:"Market volatility and foreign exchange intervention in EMEs: what has changed?"
1116:"Foreign exchange market intervention in emerging market economies: an overview"
909:
spent over previous months to stave off decline. Russia's reserves then sat at
451:
and aimed at influencing the exchange rate. Depending on whether it changes the
2201:
1361:
War, Welfare & Democracy: Rethinking America's Quest for the End of History
992:
846:
752:
684:
605:
465:
1391:
Jared Bernstein, “How to Stop Currency Manipulation”, The New York Times, 2015
1344:
Joseph E. Gagnon, "Policy Brief: Combating Widespread Currency Manipulation",
1286:
921:
higher rates would provide incentives to the forex market to maintain rubles.
760:. The observation-based findings showed the extent of services that financier
330:
2308:
2142:
2071:
2038:
1294:
1256:
1223:"When Is Foreign Exchange Intervention Effective? Evidence from 33 Countries"
1115:
1102:
1016:
1001:
531:
452:
357:
326:
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208:
203:
182:
146:
39:
34:
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of domestic-currency bonds for foreign-currency bonds with no change in the
1471:"Swiss franc jumps 30 percent after Swiss National Bank dumps euro ceiling"
924:
From February 12 to 19, 2015, the Russian central bank spent an additional
893:
826:
812:
740:
501:
469:
361:
291:
177:
2164:"Bank of Russia Spent $ 700 Million Dec. 1 Trying to Ease Ruble Pressure"
1978:"Why Donald Trump is mostly wrong about China | The China Learning Curve"
1583:"Japan forced to prop up yen after bank keeps to negative interest rates"
1450:
Gerlach-Kristen, Petra; McCauley, Robert N.; Ueda, Kazuo (October 2011).
1238:
839:
637:
633:
365:
1247:
512:
306:
and the country's overall vulnerability to shocks, among other factors.
1633:"At Banque Havilland, Abu Dhabi's Crown Prince Was Known as 'The Boss'"
1451:
584:, currency intervention generally focuses on exchange rate between the
309:
The most complete type of currency intervention is the imposition of a
1084:
1425:"Hands Slapped: 5 Banks Get Hit with Fines for Currency Manipulation"
765:
704:
609:
585:
412:
121:
1506:"Swiss National Bank ramps up currency intervention after Brexit"
1459:. BIS Working Papers, No. 389. Bank for International Settlements.
1537:
Takatoshi Ito, "Japanese Monetary Policy: 1998-2005 and Beyond,"
368:, and that it can limit growth by constricting the money supply.
1799:
974:
672:
1835:"What you may not know about China and currency manipulation"
1453:
Currency Intervention and the Global Portfolio Balance Effect
1220:
1085:"Foreign exchange intervention: strategies and effectiveness"
797:
788:
792:
Graph of the price of a US dollar in Chinese yuan since 1990
1916:"Donald Trump Has No idea What He's Talking About on China"
1896:"Donald Trump has no idea what he's talking about on China"
1449:
1422:
613:
1181:. Boston: Massachusetts Institute of Technology. pp.
905:
in foreign currency reserves, in addition to the nearly
601:
2112:"Russia Defends Ruble With Biggest Rate Rise Since 1998"
1750:"National Taxpayers Union - Donald Trump Wrong on Trade"
1272:"The effectiveness of FX interventions: A meta-analysis"
2162:
Ostroukh, Andrey; Albanese, Chiara (December 3, 2014).
1069:
Bank for International Settlements, BIS Paper No. 24,
659:
to the European Central Bank's decision to initiate a
2027:"Russia presses ahead with fully floating the rouble"
1608:"QFC fines Abu Dhabi bank over currency manipulation"
735:
Regulatory Authority, also known as QFCRA, fined the
392:
growth, or to prevent currency crises, such as large
383:
Large-scale intervention can undermine the stance of
1082:
956:
703:From 1989 to 2003, Japan was suffering from a long
1850:"The Non-Problem of Chinese Currency Manipulation"
1174:
504:, but can be used as an emergency damage control.
2202:"Commodities: Latest Crude Oil Price & Chart"
1522:"Schweizerische Nationalbank baut Devisenberg ab"
1307:
1083:Chutasripanich, Nuttathum; Yetman, James (2015),
776:. One of the five mission statements reviewed by
524:
2306:
2267:"The Russian ruble is up 20% against the dollar"
2248:"The Russian ruble is up 20% against the dollar"
2182:"Russia is burning through its dollar stockpile"
2161:
1097:, BIS Working Papers, no. 499, p. 34,
2286:"Russia's rouble: From down-and-out to darling"
1561:The Dollar Crisis: Causes, Consequences, Cures,
1346:Peterson Institute for International Economics,
516:Imports and exports from Argentina 1992 to 2004
333:the exchange rate because excessive short-term
479:
1162:, BIS Working Papers, no. 73, p. 10
537:
488:price. As a result, the exchange rate drops.
238:
2128:
2093:"Here's Why the Russian Ruble Is Collapsing"
2057:
1308:Tyalor, Mark; Lucio Sarno (September 2001).
1043:
886:in 2016, in an effort to prop up the ruble.
849:trade policy studies fellow Daniel Pearson,
1871:"Stop Calling China a Currency Manipulator"
2283:
458:
290:operation. It occurs when a government or
245:
231:
2264:
2245:
1957:"TRUMP WRONG ABOUT CHINA'S CURRENCY MOVE"
1821:"Economic News, Analysis, and Discussion"
1246:
1227:American Economic Journal: Macroeconomics
423:From 2008 through 2013, central banks in
2090:
1893:
1208:Federal Reserve Bank of St. Louis Review
1172:
1046:"Anna Schwartz, Monetary Historian, RIP"
787:
542:On the other hand, the effectiveness of
511:
491:
264:
256:
2224:
2091:Kitroeff, Natalie (December 16, 2014).
1847:
1687:
1657:
1394:
1147:
1141:
1108:
1076:
562:the current level of the exchange rate.
2307:
2227:"Why The Russian Ruble Is Stabilizing"
2024:
1357:
671:In June 2016, when the results of the
620:were fined for currency manipulation.
442:
2109:
2025:Moscow, Kathrin Hille- (2014-11-10).
1868:
1795:"Trump Gets His Facts Wrong On China"
1792:
1329:
1205:
558:The expectations or signaling channel
406:
1894:Guilford, Gwynn (11 November 2015).
1334:. VA: George Mason University Press.
1177:Foundations of International Finance
278:foreign exchange market intervention
2265:Kottasova, Ivana (April 10, 2015).
2246:Kottasova, Ivana (April 10, 2015).
2129:Aleksashenko, Sergey (2014-12-20).
2058:Aleksashenko, Sergey (2014-12-20).
1934:
1364:. Potomac Books, Inc. p. 117.
1351:
1037:
13:
1688:Krugman, Paul (February 4, 2010).
1658:Urbanek, Vladimir (4 March 2013),
1539:Bank of International Settlements,
1489:"Why the Swiss unpegged the franc"
1158:Bank for International Settlements
1121:Bank for International Settlements
1093:Bank for International Settlements
566:
401:Bank for International Settlements
14:
2331:
2110:Tanas, Olga (December 15, 2014).
1423:Sovereign Wealth Fund Institute.
1332:The Role of Official Intervention
364:can cause the sudden collapse of
2284:Ranasinghe, Dhara (2015-04-10).
2131:"CBR shows how not to intervene"
2060:"CBR shows how not to intervene"
973:
959:
874:, were expected to decrease to
860:
712:treasury bonds and agency debt.
507:
394:depreciation/appreciation swings
2277:
2258:
2239:
2218:
2194:
2174:
2155:
2122:
2103:
2084:
2051:
2018:
1994:
1970:
1949:
1928:
1908:
1887:
1862:
1848:Frankel, Jeffrey (2015-02-20).
1841:
1827:
1813:
1786:
1766:
1742:
1722:
1709:
1681:
1651:
1625:
1600:
1575:
1566:
1553:
1544:
1531:
1515:
1499:
1481:
1463:
1443:
1416:
1385:
1338:
1323:
1301:
1263:
1214:
783:
726:
698:
106:Retail foreign exchange trading
2225:Sachais, Andrew (2015-03-17).
1317:Journal of Economic Literature
1279:Journal of Financial Stability
1199:
1166:
1132:
1063:
1028:
623:
525:Non-sterilization intervention
415:-era United States, under the
301:Policymakers may intervene in
1:
1044:Tim Ferguson (21 June 2012).
1022:
989:Exchange Equalisation Account
981:Business and Economics portal
551:The portfolio balance channel
1869:Pesek, Willie (2015-05-28).
1402:"System Open Market Account"
575:
7:
1717:Ludwig von Mises Institute,
998:Exchange Stabilization Fund
952:
630:financial crisis of 2007–08
480:Non-sterilized intervention
316:
10:
2336:
1173:Obstfeld, Maurice (1996).
865:On November 10, 2014, the
590:System Open Market Account
538:Sterilization intervention
1937:"Trump Is Wrong on China"
1358:Munson, Peter J. (2013).
1287:10.1016/j.jfs.2020.100794
774:foreign exchange reserves
588:and the target currency.
425:emerging market economies
50:Exchange-rate flexibility
16:Monetary policy operation
2002:"XE.com - RUB/USD Chart"
851:National Taxpayers Union
731:On August 27, 2019, the
329:. Governments prefer to
303:foreign exchange markets
168:Bretton Woods Conference
2315:Foreign exchange market
2168:The Wall Street Journal
1528:. Retrieved 5 Oct 2022.
1330:Mussa, Michael (1981).
1148:Mohanty, M. S. (2013),
745:Qatar diplomatic crisis
690:In late 2022, when the
677:Negative interest rates
580:As the world’s primary
459:Sterilized intervention
323:foreign exchange market
152:Foreign exchange option
137:Non-deliverable forward
96:Foreign exchange market
1982:chinalearningcurve.com
1793:Calomiris, Charles W.
867:Central Bank of Russia
837:
793:
733:Qatar Financial Centre
618:Royal Bank of Scotland
517:
440:
270:
262:
214:Foreign exchange fraud
65:Floating exchange rate
1007:Open market operation
878:by the end of 2014,
818:
791:
515:
492:Indirect intervention
429:
356:of either direction.
283:currency manipulation
274:Currency intervention
268:
260:
219:Currency intervention
173:Smithsonian Agreement
160:Historical agreements
142:Foreign exchange swap
1935:Forsyth, Randall W.
1239:10.1257/mac.20150317
882:in 2015, and under
855:Charles W. Calomiris
737:First Abu Dhabi Bank
692:2022 inflation surge
687:and global markets.
417:Bretton Woods system
75:Managed float regime
70:Linked exchange rate
45:Exchange rate regime
1837:. 30 November 2001.
1495:. January 18, 2015.
1477:. January 15, 2015.
1012:Quantitative easing
661:quantitative easing
642:Swiss National Bank
443:Direct intervention
437:M S MohantyBIC 2013
360:contended that the
311:fixed exchange rate
60:Fixed exchange rate
1823:. 4 November 2021.
1695:The New York Times
1639:. 21 December 2020
967:Numismatics portal
832:The New York Times
794:
770:Mohammed bin Zayed
750:In December 2020,
518:
449:monetary authority
407:Historical context
366:speculative excess
298:and trade policy.
271:
263:
80:Dual exchange rate
1690:"Chinese Rumbles"
917:in January 2014.
347:financial markets
255:
254:
2327:
2300:
2299:
2297:
2296:
2281:
2275:
2274:
2262:
2256:
2255:
2243:
2237:
2236:
2234:
2233:
2222:
2216:
2215:
2213:
2212:
2198:
2192:
2191:
2187:Business Insider
2178:
2172:
2171:
2159:
2153:
2152:
2150:
2149:
2126:
2120:
2119:
2107:
2101:
2100:
2088:
2082:
2081:
2079:
2078:
2055:
2049:
2048:
2046:
2045:
2022:
2016:
2015:
2013:
2012:
1998:
1992:
1991:
1989:
1988:
1974:
1968:
1967:
1965:
1964:
1959:. 15 August 2015
1953:
1947:
1946:
1944:
1943:
1932:
1926:
1925:
1923:
1922:
1912:
1906:
1905:
1903:
1902:
1891:
1885:
1884:
1882:
1881:
1866:
1860:
1859:
1857:
1856:
1845:
1839:
1838:
1831:
1825:
1824:
1817:
1811:
1810:
1808:
1807:
1790:
1784:
1783:
1781:
1780:
1770:
1764:
1763:
1761:
1760:
1746:
1740:
1739:
1737:
1736:
1726:
1720:
1713:
1707:
1706:
1704:
1702:
1685:
1679:
1678:
1677:
1675:
1666:, archived from
1655:
1649:
1648:
1646:
1644:
1629:
1623:
1622:
1620:
1618:
1604:
1598:
1597:
1595:
1594:
1579:
1573:
1570:
1564:
1559:Richard Duncan,
1557:
1551:
1550:Takatoshi,p.105.
1548:
1542:
1535:
1529:
1519:
1513:
1503:
1497:
1496:
1485:
1479:
1478:
1467:
1461:
1460:
1458:
1447:
1441:
1440:
1438:
1436:
1431:on 20 March 2016
1427:. Archived from
1420:
1414:
1413:
1411:
1409:
1398:
1392:
1389:
1383:
1382:
1380:
1378:
1355:
1349:
1342:
1336:
1335:
1327:
1321:
1320:
1314:
1305:
1299:
1298:
1276:
1267:
1261:
1260:
1250:
1218:
1212:
1211:
1203:
1197:
1196:
1180:
1170:
1164:
1163:
1154:
1145:
1139:
1136:
1130:
1129:
1112:
1106:
1105:
1089:
1080:
1074:
1067:
1061:
1060:
1058:
1056:
1041:
1035:
1032:
983:
978:
977:
969:
964:
963:
962:
940:
932:
927:
916:
912:
908:
904:
885:
881:
877:
873:
835:
758:Banque Havilland
598:investment banks
582:reserve currency
498:capital controls
438:
276:, also known as
247:
240:
233:
199:Bureau de change
132:Currency forward
101:Futures exchange
22:Foreign exchange
19:
18:
2335:
2334:
2330:
2329:
2328:
2326:
2325:
2324:
2305:
2304:
2303:
2294:
2292:
2282:
2278:
2263:
2259:
2244:
2240:
2231:
2229:
2223:
2219:
2210:
2208:
2200:
2199:
2195:
2180:
2179:
2175:
2160:
2156:
2147:
2145:
2135:Financial Times
2127:
2123:
2108:
2104:
2089:
2085:
2076:
2074:
2064:Financial Times
2056:
2052:
2043:
2041:
2031:Financial Times
2023:
2019:
2010:
2008:
2000:
1999:
1995:
1986:
1984:
1976:
1975:
1971:
1962:
1960:
1955:
1954:
1950:
1941:
1939:
1933:
1929:
1920:
1918:
1914:
1913:
1909:
1900:
1898:
1892:
1888:
1879:
1877:
1867:
1863:
1854:
1852:
1846:
1842:
1833:
1832:
1828:
1819:
1818:
1814:
1805:
1803:
1791:
1787:
1778:
1776:
1772:
1771:
1767:
1758:
1756:
1748:
1747:
1743:
1734:
1732:
1728:
1727:
1723:
1714:
1710:
1700:
1698:
1686:
1682:
1673:
1671:
1656:
1652:
1642:
1640:
1631:
1630:
1626:
1616:
1614:
1606:
1605:
1601:
1592:
1590:
1581:
1580:
1576:
1571:
1567:
1558:
1554:
1549:
1545:
1536:
1532:
1520:
1516:
1512:. July 4, 2016.
1504:
1500:
1487:
1486:
1482:
1469:
1468:
1464:
1456:
1448:
1444:
1434:
1432:
1421:
1417:
1407:
1405:
1400:
1399:
1395:
1390:
1386:
1376:
1374:
1372:
1356:
1352:
1343:
1339:
1328:
1324:
1312:
1306:
1302:
1274:
1268:
1264:
1219:
1215:
1204:
1200:
1193:
1171:
1167:
1152:
1146:
1142:
1137:
1133:
1114:
1113:
1109:
1087:
1081:
1077:
1068:
1064:
1054:
1052:
1042:
1038:
1033:
1029:
1025:
979:
972:
965:
960:
958:
955:
939:US$ 360 billion
938:
931:US$ 100 billion
930:
926:US$ 6.4 billion
925:
915:US$ 510 billion
914:
911:US$ 420 billion
910:
906:
903:US$ 700 million
902:
884:US$ 400 billion
883:
880:US$ 415 billion
879:
876:US$ 422 billion
875:
872:US$ 480 billion
871:
863:
836:
825:
786:
729:
701:
626:
578:
569:
567:Modern examples
540:
527:
510:
494:
482:
461:
445:
439:
436:
409:
385:monetary policy
319:
288:monetary policy
251:
127:Currency future
17:
12:
11:
5:
2333:
2323:
2322:
2317:
2302:
2301:
2276:
2257:
2238:
2217:
2193:
2173:
2154:
2121:
2102:
2083:
2050:
2017:
1993:
1969:
1948:
1927:
1907:
1886:
1875:Bloomberg View
1861:
1840:
1826:
1812:
1785:
1765:
1741:
1721:
1708:
1680:
1670:on 18 May 2015
1650:
1624:
1599:
1574:
1565:
1552:
1543:
1530:
1514:
1498:
1480:
1462:
1442:
1415:
1404:. New York Fed
1393:
1384:
1371:978-1612345390
1370:
1350:
1337:
1322:
1300:
1262:
1233:(1): 132–156.
1213:
1198:
1191:
1165:
1140:
1131:
1107:
1075:
1062:
1036:
1026:
1024:
1021:
1020:
1019:
1014:
1009:
1004:
995:
993:United Kingdom
985:
984:
970:
954:
951:
907:US$ 30 billion
862:
859:
847:Cato Institute
823:
785:
782:
753:Bloomberg News
728:
725:
700:
697:
685:European Union
625:
622:
606:JPMorgan Chase
577:
574:
568:
565:
564:
563:
559:
556:
552:
539:
536:
526:
523:
509:
506:
493:
490:
481:
478:
460:
457:
444:
441:
434:
408:
405:
389:
388:
381:
318:
315:
253:
252:
250:
249:
242:
235:
227:
224:
223:
222:
221:
216:
211:
206:
201:
193:
192:
188:
187:
186:
185:
180:
175:
170:
162:
161:
157:
156:
155:
154:
149:
144:
139:
134:
129:
124:
116:
115:
111:
110:
109:
108:
103:
98:
90:
89:
85:
84:
83:
82:
77:
72:
67:
62:
57:
52:
47:
42:
37:
29:
28:
27:Exchange rates
24:
23:
15:
9:
6:
4:
3:
2:
2332:
2321:
2318:
2316:
2313:
2312:
2310:
2291:
2287:
2280:
2272:
2268:
2261:
2253:
2249:
2242:
2228:
2221:
2207:
2203:
2197:
2189:
2188:
2183:
2177:
2169:
2165:
2158:
2144:
2140:
2136:
2132:
2125:
2117:
2113:
2106:
2098:
2094:
2087:
2073:
2069:
2065:
2061:
2054:
2040:
2036:
2032:
2028:
2021:
2007:
2003:
1997:
1983:
1979:
1973:
1958:
1952:
1938:
1931:
1917:
1911:
1897:
1890:
1876:
1872:
1865:
1851:
1844:
1836:
1830:
1822:
1816:
1802:
1801:
1796:
1789:
1775:
1769:
1755:
1751:
1745:
1731:
1725:
1718:
1712:
1697:
1696:
1691:
1684:
1669:
1665:
1661:
1654:
1638:
1637:Bloomberg.com
1634:
1628:
1613:
1612:The Economist
1609:
1603:
1588:
1584:
1578:
1569:
1562:
1556:
1547:
1540:
1534:
1527:
1524:(in German).
1523:
1518:
1511:
1507:
1502:
1494:
1493:The Economist
1490:
1484:
1476:
1472:
1466:
1455:
1454:
1446:
1430:
1426:
1419:
1403:
1397:
1388:
1373:
1367:
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1296:
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1273:
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1192:0-262-15047-6
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1122:
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1111:
1104:
1100:
1096:
1094:
1086:
1079:
1072:
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1051:
1047:
1040:
1031:
1027:
1018:
1017:Forex scandal
1015:
1013:
1010:
1008:
1005:
1003:
1002:United States
999:
996:
994:
990:
987:
986:
982:
976:
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957:
950:
946:
942:
934:
922:
918:
913:, down from
898:
895:
890:
887:
868:
861:Russian ruble
858:
856:
852:
848:
843:
841:
834:
833:
828:
822:
817:
814:
810:
806:
803:
799:
790:
781:
779:
775:
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767:
763:
762:David Rowland
759:
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748:
746:
742:
738:
734:
724:
721:
717:
713:
709:
706:
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669:
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656:The Economist
653:
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648:1.2 francs).
645:
643:
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615:
611:
607:
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583:
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550:
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545:
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532:monetary base
522:
514:
508:Effectiveness
505:
503:
499:
489:
485:
477:
473:
471:
467:
456:
454:
453:monetary base
450:
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428:
426:
421:
418:
414:
404:
402:
397:
395:
386:
382:
378:
377:
376:
374:
369:
367:
363:
359:
358:Anna Schwartz
355:
350:
348:
343:
338:
336:
332:
328:
327:exchange rate
324:
314:
312:
307:
304:
299:
297:
296:exchange rate
293:
289:
285:
284:
279:
275:
267:
259:
248:
243:
241:
236:
234:
229:
228:
226:
225:
220:
217:
215:
212:
210:
209:Currency pair
207:
205:
204:Hard currency
202:
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196:
195:
194:
190:
189:
184:
183:Louvre Accord
181:
179:
176:
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171:
169:
166:
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164:
163:
159:
158:
153:
150:
148:
147:Currency swap
145:
143:
140:
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120:
119:
118:
117:
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99:
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55:Dollarization
53:
51:
48:
46:
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41:
40:Exchange rate
38:
36:
35:Currency band
33:
32:
31:
30:
26:
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21:
20:
2293:. Retrieved
2289:
2279:
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2230:. Retrieved
2220:
2209:. Retrieved
2205:
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2185:
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2146:. Retrieved
2134:
2124:
2115:
2105:
2096:
2086:
2075:. Retrieved
2063:
2053:
2042:. Retrieved
2030:
2020:
2009:. Retrieved
2005:
1996:
1985:. Retrieved
1981:
1972:
1961:. Retrieved
1951:
1940:. Retrieved
1930:
1919:. Retrieved
1910:
1899:. Retrieved
1889:
1878:. Retrieved
1874:
1864:
1853:. Retrieved
1843:
1829:
1815:
1804:. Retrieved
1798:
1788:
1777:. Retrieved
1768:
1757:. Retrieved
1753:
1744:
1733:. Retrieved
1724:
1716:
1711:
1699:. Retrieved
1693:
1683:
1672:, retrieved
1668:the original
1663:
1653:
1641:. Retrieved
1636:
1627:
1615:. Retrieved
1611:
1602:
1591:. Retrieved
1589:. 2022-09-22
1587:the Guardian
1586:
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1560:
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1546:
1538:
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1525:
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1501:
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1483:
1474:
1465:
1452:
1445:
1433:. Retrieved
1429:the original
1418:
1406:. Retrieved
1396:
1387:
1375:. Retrieved
1360:
1353:
1345:
1340:
1331:
1325:
1316:
1303:
1278:
1265:
1248:10419/261931
1230:
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1156:
1143:
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827:Paul Krugman
819:
813:Paul Krugman
811:
807:
802:central bank
795:
784:Chinese yuan
777:
751:
749:
741:Qatari riyal
730:
727:Qatari riyal
722:
718:
714:
710:
705:deflationary
702:
699:Japanese yen
689:
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600:, including
579:
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502:black market
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470:money supply
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362:central bank
354:overshooting
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292:central bank
281:
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218:
178:Plaza Accord
1754:www.ntu.org
1643:21 December
1617:6 September
840:Greg Mankiw
638:Swiss franc
634:Switzerland
624:Swiss franc
2309:Categories
2295:2016-08-03
2232:2016-08-03
2211:2016-08-03
2206:NASDAQ.com
2148:2016-08-03
2077:2016-08-03
2044:2016-08-03
2011:2016-08-03
2006:www.xe.com
1987:2016-08-03
1963:2016-08-03
1942:2016-08-03
1921:2016-08-03
1901:2016-08-03
1880:2016-08-03
1855:2016-08-03
1806:2016-08-03
1779:2016-08-03
1759:2016-08-03
1735:2016-08-03
1593:2022-09-28
1541:p.105-107.
1319:: 839–868.
1281:: 100794.
1023:References
894:oil prices
892:Declining
681:safe haven
544:sterilized
335:volatility
261:Currencies
2143:0307-1766
2116:Bloomberg
2097:Bloomberg
2072:0307-1766
2039:0307-1766
1435:5 January
1408:5 January
1377:9 January
1295:1572-3089
1257:1945-7707
1103:1682-7678
1073:, (2005).
1055:6 January
949:Ukraine.
778:Bloomberg
766:Abu Dhabi
610:Citigroup
586:US dollar
576:US Dollar
331:stabilize
2320:Currency
1210:: 13–30.
953:See also
824:—
616:and the
594:monetary
435:—
413:Cold War
317:Purposes
191:See also
122:Currency
1719:(2010).
1701:May 16,
1664:KurzyCZ
1563:(2011).
1510:Reuters
1475:Reuters
1348:(2012).
1183:597–599
1000:in the
991:in the
628:As the
411:In the
371:Today,
342:profits
286:, is a
88:Markets
2141:
2070:
2037:
1800:Forbes
1526:srf.ch
1368:
1293:
1255:
1189:
1101:
1050:Forbes
673:Brexit
636:, the
114:Assets
1674:5 May
1457:(PDF)
1313:(PDF)
1275:(PDF)
1160:(BIS)
1153:(PDF)
1123:(BIS)
1095:(BIS)
1088:(PDF)
829:2010
798:China
592:is a
399:In a
373:forex
2290:CNBC
2139:ISSN
2068:ISSN
2035:ISSN
1703:2017
1676:2015
1645:2020
1619:2019
1437:2017
1410:2017
1379:2017
1366:ISBN
1291:ISSN
1253:ISSN
1187:ISBN
1099:ISSN
1057:2017
632:hit
614:HSBC
466:swap
2271:CNN
2252:CNN
1283:doi
1243:hdl
1235:doi
800:'s
602:UBS
280:or
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