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March 18, 2024

Japan
The Japanese Bid for Foreign Bonds After the End of Yield Curve Control

The Bank of Japan (BoJ) is widely expected to end yield curve control. But Japanese yields will remain low, and foreign bonds will remain attractive to those Japanese investors who don’t have to hedg…

The Japanese Bid for Foreign Bonds After the End of Yield Curve Control

January 22, 2024

Economics
An SDR-Linked Bond Can Strengthen the Finances of the World Bank Group

SDR-denominated bonds have the potential to significantly strengthen the balance sheet of both the IBRD (The World Bank) and IDA, freeing up cash and helping both institutions deliver on their mandat…

An SDR-Linked Bond Can Strengthen the Finances of the World Bank Group

October 3, 2023

China
China Isn't Shifting Away From the Dollar or Dollar Bonds

China's reserves has shifted its dollar reserves from Treasuries to Agencies, and made increased use of offshore custodians. The available evidence suggests that it still holds about 50 percent of it…

U.S. Portfolio vs. China's Reserves and Other Foreign Assets

February 13, 2023

China
China's Rising Holdings of U.S. Agency Bonds

China has discovered, once again, that the best alternative to a U.S. Treasury bond is a U.S. Agency bond...

China's Rising Holdings of U.S. Agency Bonds

March 16, 2023

Economics
How an SDR Denominated Bond Could Work

How would an SDR bond work? Could such a bond issue help stretch the World Bank's and safely mobilize billions to fight poverty and finance investments in clean technology in the world's frontier mar…

World Bank Building

January 16, 2023

Japan
The Disappearing Japanese Bid for Global Bonds

The rise in Japanese holdings of foreign bonds had an enormous impact on global markets between 2011 and 2020. The markets will now have to adapt to a sustained reduction in Japanese demand.

The Disappearing Japanese Bid for Global Bonds