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The Noose Only Tightens

By |2017-05-16T19:19:40-04:00May 16th, 2017|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Earlier this month, China’s State Administration of Foreign Exchange (SAFE) reported a large increase in official reserve holdings. The biggest “inflows” in several years has, as you would expect, led to much optimistic commentary suggesting if not outright stating that the currency problems are no more. It is not the first time such claims have been made, as this has [...]

Raising The Stakes, But Not The Level of Understanding

By |2017-02-07T18:54:22-05:00February 7th, 2017|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

China’s Foreign Exchange Agency reported a $12 billion drawdown in that country’s foreign “reserves” holdings during January 2017. That was considerably less than the past three months, where all three saw more than $40 billion pulled out, nearly $70 billion in just November. These results are not in any way surprising, and are actually quite consistent with observed behavior during [...]

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