The Scale of Korea’s Intervention in August (Brad Setser, CFR)

Folks in the market like to talk about what is happening to China’s forward book. Some think that China (or its state banks) sold dollars forward last fall, and, well, to many the (modest) disclosed short position that China reports in the IMF’s SDDS reserves template isn’t all that convincing. In part because the disclosed forward book never changes much.

http://blogs.cfr.org/setser/2016/10/05/the-scale-of-koreas-intervention-in-august/