China’s November Reserve Drain (Brad Setser, Council on Foreign Relations)

http://blogs.cfr.org/setser/2016/12/19/chinas-november-reserve-drain/

Why Doesn’t Apple Export More Services (Wonky) (Brad Setser, Council on Foreign Relations)

http://blogs.cfr.org/setser/2016/12/15/why-doesnt-apple-export-more-services-wonky/

Hong Kong is Now a Negative Indicator of Chinese Tourism Imports (Brad Setser, Council on Foreign Relations)

http://blogs.cfr.org/setser/2016/12/13/hong-kong-is-now-a-negative-indicator-of-chinese-tourism-imports/

The November Fall in China’s Reserves and Rise in China’s Real Exports (Brad Setser, Council on Foreign Relations)

http://blogs.cfr.org/setser/2016/12/08/the-november-fall-in-chinas-reserves-and-rise-in-chinas-real-exports/

The (No Longer) Almighty Soybean (Brad Setser, Council on Foreign Relations)

http://blogs.cfr.org/setser/2016/12/07/the-no-longer-almighty-soybean/

Do Not Tell Anyone, But the Case For Naming Taiwan a Manipulator Is Stronger than the Case For Naming China (Brad Setser, Council on Foreign Relations)

http://blogs.cfr.org/setser/2016/12/05/do-not-tell-anyone-but-the-case-for-naming-taiwan-a-manipulator-is-stronger-than-the-case-for-naming-china/

The Dollar Trumps Carrier (Brad Setser, Council on Foreign Relations)

http://blogs.cfr.org/setser/2016/11/30/the-dollar-trumps-carrier/

China’s Dual Equilibria (Brad Setser, Council on Foreign Relations)

http://blogs.cfr.org/setser/2016/11/28/chinas-dual-equilibria/

China’s October Reserve Sales, And A New Reserves Puzzle (Brad Setser, Council on Foreign Relations)

http://blogs.cfr.org/setser/2016/11/17/chinas-october-reserve-sales-and-a-new-reserves-puzzle/

Can China Reduce Its National Savings Rate with More Social Insurance? (Brad Setser, Council on Foreign Relations)

http://blogs.cfr.org/setser/2016/11/02/can-china-reduce-its-national-savings-rate-with-more-social-insurance/

China’s September Reserve Sales (Using the Intervention Proxies) (Brad Setser, Council on Foreign Relations)

http://blogs.cfr.org/setser/2016/10/24/chinas-september-reserve-sales-using-the-intervention-proxies/

Large Scale Central Bank Asset Purchases, by Currency (Brad Setser, Emma Smith, Council on Foreign Relations)

In an earlier post, I added reserve purchases by the world’s major emerging market central banks, Japan and Switzerland to the bonds purchases by the Fed, the BoJ, the ECB and Bank of England. I wanted to highlight that the central banks of the world were buying a lot of U.S. and European bonds before the big central banks started quantitative easing (QE). China and others bought a ton of bonds prior to the global crisis.

http://blogs.cfr.org/setser/2016/10/18/large-scale-central-bank-asset-purchases-by-currency/

China: Too Much Investment, But Also Way Too Much Savings (Brad Setser, Council on Foreign Relations)

Most analysis of China’s economy emphasizes the risks posed by China’s high level of investment, and the associated rise in corporate debt.

http://blogs.cfr.org/setser/2016/10/17/china-too-much-investment-but-also-way-too-much-savings/

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/

The ECB on the Slowdown in Global Trade (Brad Setser, CFR)

I really liked the ECB’s recent report on the slowdown in global trade (summarized here), for five reasons.

http://blogs.cfr.org/setser/2016/09/30/the-ecb-on-the-slowdown-in-global-trade/

The August Calm (Updated Chinese Intervention Estimates) (Brad Setser, CFR)

http://blogs.cfr.org/setser/2016/09/20/the-august-calm-updated-chinese-intervention-estimates/

Do Not Count (European) Fiscal Chickens Before They Hatch (Brad Setser, CFR)

http://blogs.cfr.org/setser/2016/09/15/do-not-count-european-fiscal-chickens-before-they-hatch/

The Most Interesting FX Story in Asia is Now Korea, Not China (Brad Setser, CFR)

http://blogs.cfr.org/setser/2016/09/08/the-most-interesting-fx-story-in-asia-is-now-korea-not-china/

Imbalances Are Back, In Asia and Globally (Brad Setser, CFR)

http://blogs.cfr.org/setser/2016/09/06/imbalances-are-back-in-asia-and-globally/

China’s Ever More Mysterious Tourism Numbers (Brad Setser, CFR)

http://blogs.cfr.org/setser/2016/08/24/chinas-ever-more-mysterious-tourism-numbers/