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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.

Asians' passion for United States bonds is explained by their desire to stop their currencies appreciating against the dollar, and in doing so, they support the world economy, rather than undermine it. Toshihiko Fukui, Zhou Xiachuan, Joseph Yam, Perng Fai-nan or Park Seung, respectively bosses of the central banks of Japan, China, Hong Kong, Taiwan and South Korea, have become the world's most enthusiastic purchasers of American government debt. Between them, these central banks hold around $1.3 trillion in official reserves, most in dollar assets. China and Hong Kong fix their currencies against the dollar, in Hong Kong's case through a currency board. A current-account surplus or big capital inflows automatically translate into higher reserves. The other countries let their currencies float, but intervention by central banks has ensured that Japan's yen and South Korea's won rose over 13% against the dollar since the beginning of 2002, compared with a 25% increase for the euro, a floating currency. When Europe's finance ministers met their Asian counterparts at a summit in Bali in July, they made a fuss about weak currencies. America's Treasury secretary, John Snow, went to China earlier this month specifically to lobby for a change in the exchange-rate regime. And tensions are rising within Asia itself. The Japanese are unhappy about the undervaluation of China's currency, and the South Korean government suggested that China allow the yuan to appreciate. Rising foreign-exchange reserves are not necessarily a bad thing, and are particularly important for emerging economies. There is a suspicion that Fukui, Zhou, Fai-nan and company have been buying dollars for nefarious reasons: to keep their exports artificially cheap and hold on to their traditional export-led growth. The charter of the IMF prohibits a country from manipulating its currency to "gain an unfair competitive advantage" over its trading partners.

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.

The article reports on the 2008 economy of China. The trade surplus in China is shrinking while its foreign exchange reserves are increasing. During April and May foreign exchange reserves rose by $115 billion to $1.8 trillion, however, these numbers do not include the transfer of foreign exchange from the People's Bank of China to the China Investment Corp. which is China's sovereign wealth fund.

The article reports on the emergence of state-run investment pools called sovereign-wealth funds, that allow countries to invest vast reserves of foreign exchange. Historically, these reserves were invested in longer termed assets like treasury bills, but emerging economies want more risk. In the case of China, these reserves have been invested in foreign banks. Many emerging economies such as those in Abu Dhabi, Russia and Kazakhstan get their reserves from oil profits.

Presents statistics on global economic and financial indicators. Value of the dollar against the euro after Federal Reserve chairman Alan Greenspan announced that America's current-account deficit was becoming increasingly less tenable; Decrease in confidence among consumers in the U.S. according to a survey by the University of Michigan; Reference to economic output, demand, and jobs in countries such as the Netherlands, Austria, Sweden, and Japan; Money and interest rates; Stockmarkets; Consideration of trade, exchange rates, and budgets in various countries.

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.

The article presents several charts that exhibit the economic and financial indicators of countries in 1992 including interest rates and exchange rates and reserves.

Discusses foreign exchange reserves of countries across the globe as of January 1997. How they have performed since 1989; The growth of Japan's reserve since 1994; Large reserves as a mark of financial strength; The possibility of having reserves be too big; Attempts to hold down currency value by increasing reserves; Motives for keeping reserves low; Conclusions.

The article reports that Nigeria, Africa's biggest debtor, has reached an agreement with its rich-country creditors. Nigeria will draw on its $26 billion of reserves to clear its arrears with its Paris Club creditors, which amount to about $6 billion. Nigeria must preserve the rough macroeconomic stability it has won in the past 18 months. The IMF will monitor the country's progress at one remove. Nigeria's finance minister, Ngozi Okonjo-Iweala, has sought to redeem Nigeria's woeful reputation in the centres of financial power, and the country's biggest creditor, Britain, has been equally keen to demonstrate its commitment to fighting poverty in Africa. The buy-back puts cash in the hands of creditors, who grew accustomed over the years to receiving precious little from Nigeria. It also has political virtues. In the past, Nigeria's oil windfalls have been squandered. Therefore it is better to spend this money now, by paying off future obligations, than to leave it piling up in the central bank, as an open invitation to irresponsibility.

The article discusses whether central banks should worry about capital losses. Like most monopolies, central banking can be a highly lucrative business. But not all central banks are fortunate. The European Central Bank made a loss in 2004, for the second year in a row. The Bank of Japan (BoJ) and other Asian central banks have amassed two trillion dollars in foreign-exchange reserves, perhaps 70% of them in dollars. Should the dollar fall, these central banks will be exposed to heavy capital losses. If China continues to amass reserves at its current pace, a 33% appreciation of the yuan at the end of 2006 might inflict a capital loss of almost 15% of GDP. Losses on such a scale would be deeply unsettling to any central banker. But they would not be unprecedented. Economists at Goldman Sachs reckon that Asian central banks, excluding Japan, hold twice the reserves they need. If these reserves were to lose their value, in local currency terms, the taxpayer might not rush to replace them.

Despite the rising cost of events such as earthquakes in Japan, the country's non-life insurers do not seem to be setting aside enough reserves to cover future disasters. Should a couple of huge catastrophes occur within several years of each other, there are concerns that some might have to dip into, and perhaps exhaust, their capital to cover the shortfall. The Financial Services Agency (FSA), the insurers' regulator, is worried. It wants to tighten rules on how to set aside reserves for natural disasters by April 2004, and is currently studying a report by an industry committee on what to do. About half the industry's premiums come from car insurance, for which policies are renewed annually. Yet in the past year or so, non-life insurers have been selling a growing number of long-term fire-insurance policies (which in Japan cover more general damage to property) that may commit them to huge pay-outs for natural disasters. So far the industry is not resisting the FSA's plans, though that might change if new rules requiring extra provisions pushed some firms into the red.

Discusses an agreement announced April 28, 1999 between Russia and the International Monetary Fund (IMF), in which the IMF will provide Russia with new loans. Details of the agreement; Both Russia and the IMF able to claim success; Cynicism over Russian government promises; Russia's economy and declining reserves.

Presents economic and financial indicators as of August 1991. Trade; Trade volume; World bourses; Money; Interest rates; Trade exchange rates; Reserves.

Presents an overview of the level of trade, exchange rates and reserves in several countries in 1991. Trade surplus; Trade balance; Current-account balance; Foreign reserves.

Compares foreign reserves in several countries in 1991. Payments among countries; Percentage changes; Ranking among the countries.

The article presents information on the British budget deficit and the Treasury's forecasts. In his March budget the chancellor, John Major, forecasted a current-account deficit of 15 billion pounds for 1990. At the time many thought that was being too gloomy; now it looks too optimistic. In June Britain had a current-account deficit of 1.4 billion pounds roughly the same as in May, pushing the deficit in the first six months to an annual rate of 18 billion pounds. The good news is that the volume of non-oil exports jumped by I 2.4% in the year to the second quarter, compared with a paltry 3.3% in imports.

Discusses developments taking place in the international business as of March 1997. Reasons for the closure of a factory of Renault SA in Belgium; Information on the death of businessman Yahaya Ahmad of Malaysia's national automobile manufacturer Perusahaan Otomobil Nasional Bhd.; Report that AT&T Corp. is planning $2.6 billion-worth of cuts in the next two years; Focus on Japan's current-account surplus that leapt to $1.28 billion in January, four times its size a year earlier.

Focuses on financial indicators of various countries. Decline in most European interest rates; Graph depicting world pension assets; Statistics on exchange rates and reserves.

The article focuses on the emerging-market indicators of several countries. Most Asian economies have developed in recent years. China has the most impressive growth performance, while India has the worst. Argentina's annual consumer-price inflation continued to fall. Taiwan has the least inflationary economy, with prices increasing by less than 5% in every year since 1985. Information about consumer-price inflation, industrial production, foreign reserves, interest rates and stockmarkets are also provided.

Several charts are presented that list international financial indicators including stockmarkets, money and interest rates, and trade,exchange rates and reserves.

The article reports on financial indicators. Tokyo progressed best but most of the stock markets of other countries showed positive performance. In terms of money and interest rates, the United States' Federal Reserve increased its interest rates by half a percentage point , making its federal funds 6 percent and the discount rate at 5.25 percent. As with trade, exchange rates and reserves, Germany's visible trade surplus broadened to $5.8 billion

This article focuses on the mystery behind the capital flow in Japan. A current-account surplus need not go hand in hand with an outflow of both long- and short-term capital. Japan in the late 1980s and 1990s offers evidence. Despite its current-account surplus, Japan was borrowing short-term money from abroad in order to invest far larger sums in overseas assets. Then, after 1990, this peculiar relationship went into reverse. Despite a growing current-account surplus, long-term capital flowed into Japan, implying a correspondingly huge outflow of short-term capital.