Today China is spending about 1% of its GDP a month to keep its currency from appreciating - it is on track to spend about 15% of its GDP fighting appreciation this year.  And unless something change…

Central banks are not selling dollars.  Some analysts tend to put a bit too much emphasis on changes in the dollar’s share of global reserves – and a bit too little emphasis on the increase in total …

Back in 2005, Ragu Rajan warned that the banks were taking on the hard-to-sell leftovers from the securitization process. As a result, he argued that the banks were becoming less liquid – and that t…

The IMF seems to be having a bit of a row over how to do exchange rate surveillance. Why is that good news? Because it suggests that the IMF actually is trying to do exchange rate surveillance. …

I tend to be a bit better at spotting risks than opportunities. I have long worried that China might conclude that it is no longer in its interest to continue to buy ever larger quantities of Trea…