12 09 2018 | by Victor Xing | Capital Markets
10 14 2018 | by Victor Xing | Capital Markets
Roundabout path in the snap-back of long-term bond yields
09 23 2018 | by Victor Xing | Central Banks
Calm before the storm as quantitative tightening looms
05 20 2018 | by Victor Xing | Central Banks
Alternative narrative on the natural rate of interest
01 07 2018 | by Victor Xing | Capital Markets
Flatter yield curve a symptom of ineffective tightening
12 04 2017 | by Victor Xing | Central Banks
Bond market term premium and wolves of Yellowstone
10 17 2017 | by Victor Xing | Capital Markets
How we learned to stop worrying and love the “fake markets”
09 20 2017 | by Victor Xing | Central Banks
QE’s distributional effects a rising political liability
04 18 2017 | by Victor Xing | Capital Markets
Persistent low volatility threatens active fund managers
02 17 2017 | by Victor Xing | Economics
Looming risks through the prism of bifurcated housing market
10 04 2015 | by Victor Xing | Economics
What is IMF’s SDR (Special Drawing Rights)?
SDR stands for Special Drawing Rights. It was originally created in 1969 as a new international reserve asset by the IMF (with value initially at 0.888671 grams of fine gold, or one U.S. dollar at the time) under the now defunct Bretton Woods fixed exchange rate system, where countries would maintain their exchange rates by tying their currency to gold.
The system ended when the U.S. unilaterally terminated convertibility of the US dollar to gold in 1971, and many fixed currencies became free-floating.
As a result, SDR became less useful two years after its inception, and the IMF subsequently redefined it as a basket of currencies, consists of the euro, yen, pound sterling, dollar, and most recently the yuan. Value of the SDR to the dollar is available daily on the IMF website. Compositions of SDR currencies is usually reviewed every 5 years, with the most recent review took place at the end of 2015.
Next article10 02 2015 | by Victor Xing | Capital Markets