Thanks Populism: Brexit May Make British Pound “Irrelevant”

Thanks Populism: Brexit May Make British Pound “Irrelevant”

On Tuesday, I took an updated look at the liquidation of EM FX reserves. When we talk about reserve drawdowns, we're really talking about China and OPEC or, even further to the point, China and Saudi Arabia. (Goldman) China is of course burning through its war chest in order to manage the RMB's painfully long and drawn-out depreciation while Riyadh and other producers have turned to their reserves in the wake of the plunge in crude and quick death of the petrodollar in late 2014. As noted
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