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The article informs that new dilemmas of foreign-exchange reserve managers. It mentions as soon as Russia invaded Ukraine, American and European authorities froze the assets of the Central Bank of Russia, and Russia's reserves being made functionally useless is likely to be just as formative, even for those who face no immediate prospect of a terminal rift with the world's financial superpowers.

The article discusses public finance and investment management strategies of Singapore that need to be acknowledged by other countries. Topics explored include status of the state investment vehicles of China and Saudi Arabia, the use of investment returns by Singapore in government spending, and the commitment of Singaporean state leaders to reserves management.

A letter to the editor is presented in response to the articles "The Great Distortion" and "A Senseless Subsidy" which were published in the May 16, 2015 issue.