The new edition of RBS Reserve Management Trends 2007 will be published, and available for download here on February 26 2007

Downloadable pdf available 00.01am February 26 2007. Order now

RBS Reserve Management Trends is the world’s leading independent annual source of hard data on central bank reserve management – data obtained direct from the reserve managers themselves.

This year, the responses underline the rapid pace of innovation in this $5 trillion dollar market.

Answers from the central banks – the survey
This book contains reports of considered answers to a comprehensive questionnaire, answers vouchsafed exclusively to Central Banking.

In addition to detailed tabulations of the answers, all the commentaries and observations volunteered by reserve managers on the issues raised are recorded in full.

This year the survey focuses on five topical areas:

• What are the current objectives of reserve managers and how have they changed in the past year?
• What management challenges have been presented to them by the big increases in reserves?
• What are their immediate plans for further diversification and – linked to this -
• How many have introduced major changes in benchmarks -- and investment guidelines?
• What are their attitudes to specific new assets classes, including commodities, index-trackers, equities, MBS/ABS securities and gold?

The answers may well surprise you. Together, they give unique insights into the challenges now faced by central bank reserve managers – and how they are facing up to these challenges.

Chapters by specialists

China’s new reserve management regime
This pioneering article reveals in detail for the first time the institutional framework how strategic decisions are taken in China and how to interpret the new guidelines for reserve management announced by the prime minister, Wen Jiabao, in January 2007

Legal protection for reserves
Recent developments have raised concerns about whether sovereign immunity applies to central bank reserves. This chapter discusses the extent to which foreign states are entitled to sovereign immunity from proceedings brought by creditors and from sanctions.

Demystifying asset-backed securities
A comprehensive examination of the key concepts, risks and dynamics of the ABS market and how this differs from more traditional instruments of reserve diversification.

How different accounting measures affect performance
Different accounting treatments of asset and liabilities can have major consequences for reserve management. Central banks need to be very careful about constructing portfolios based on “presentation” return models, instead of mark-to-market results.

The reserve management year in review
At a time of rapid change, this contribution brings together everything that the major reserve holders among central banks have said about their own reserve management – governance, techniques, implementation, support systems and performance.

Statistical section
Comprehensive tables by country displaying in user-friendly form the major trends in foreign exchange and gold reserve holdings, with currency and country breakdowns, and with gold marked to market rather than at an arbitrary historic cost.

RBS Reserve Management Trends 2007 is the third in a series of annual publications that aims to provide an ongoing commentary on official reserve management. Published in February of each year, the series draws on expert opinion and experience of practitioners to allow central bankers to benchmark their policies against those of their peers.

RBS Reserve Management Trends 2007 is published by Central Banking Publications Ltd, an independent publishing company. It builds on several previous publications in this field, including How Countries Manage Reserve Assets (2002), purchased by over 80 central banks, and two previous editions of RBS Reserve Management Trends.

Table of contents

Trends in reserve management – 2007 survey results
Nick Carver

China’s new reserve management
Hui Feng

The risks of relying on realised returns
Roberts L. Grava

Reserve management – 2006 in review
Malan Rietveld

Demystifying asset-backed securities
Peter DiMartino, Mat Knowles and Ronald E. Thompson Jr

Legal risks: asset freezing and sanctions
Charles Proctor

International reserve diversification and disclosure
Malcolm Knight

Appendix 1 Survey questionnaire

Appendix 2 Survey answers

Appendix 3 Reserve statistics

page top^

To order your copy simply fax back this order form

Customers ordering the downloadable version will receive by email a hyperlink and password to access the pdf (available from 00.01am GMT on February 26 2007).

Fax: +44 20 7484 9758

£200/$392/€300

10 1 902182 50 2
13 978 1 902182 50 6