It took us 15–20 years to build a competitive interbank market, which we have destroyed by managing the exchange rate’ ...

Blog posts represent the views of CFR fellows and staff and not those of CFR, which takes no institutional positions. There is little doubt that China rather actively managed its currency in 2023. For ...

Blog posts represent the views of CFR fellows and staff and not those of CFR, which takes no institutional positions. The most important part of the IMF’s latest assessment of China is—alas—the ...

Cross-border payments are changing: existing intermediaries are upgrading their networks and new platforms based on novel digital forms of money are being explored, even as geoeconomic fragmentation ...

Provide support to countries facing potential, moderate, short-term balance of payment needs related to capital account pressures that could arise from external developments. Very strong economic ...

Taiwan’s central bank vowed to avoid manipulating exchange rates, according to a joint statement on exchange rate policies by Taiwan’s central bank and the US Treasury Department.