Réserves de change: vers un nouveau normal ?

Camille Macaire, Alain Naef and Pierre-François Weber

Revue d'économie financière, 2022, vol. N° 145, issue 1, 129-146

Abstract: In response to the invasion of Ukraine, the assets of the Central Bank of Russian Federation have been frozen by the US, EU, UK, Canada, Japan, Australia and Switzerland. This is the first time in history that action involving all G7 members has been taken against a central bank of the G20. The reserve freeze highlights the impact of strategic alliances on a central bank?s ability to mobilize their reserves. This could be a catalyst for a trend already underway to diversify portfolio reserves, particularly into « non-traditional » currencies such as the Chinese yuan but also the Canadian dollar, Korean won and Swiss franc amongst others. By incorporating a more geopolitical dimension, reserve accumulation strategies could increase the risks of regionalization and fragmentation of the International Monetary System. JEL Classification: E42, E58, F33

JEL-codes: E42 E58 F33 (search for similar items in EconPapers)
Date: 2022
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