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Developments in the Currency Markets

exchange reserves increase”, the Bank would “diversify the currencies in which it invests”, as well as targeting higher yielding investments. Seoul has $200bn of foreign exchange reserves, the fourth highest…

Everything Old is New Again, Part 1934-1937

…To wit: Over time, Fed officials became increasingly concerned about substantial increases in bank reserves, especially excess reserves. During 1934 and 1935, gold inflows of some $3 billion contributed to…

One Man’s Profit is Another’s Loss

…was articulated in the memorandum prepared for the 1564 Royal Commission on the Exchange, “For the Understanding of the Exchange,” which first noted the ‘usurious’ undercurrents of different exchange rates…